PNB Housing Finance: Carlyle Group Entity Seeks To Divest 6.4% Stake Via Block Deals
Quality Investment Holdings Pcc will offer 1.66 crore shares of the housing financier at a floor price of Rs 755 apiece.
Carlyle Group entity Quality Investment Holdings Pcc plans to sell up to 6.4% stake in PNB Housing Finance Ltd. for Rs 1,255 crore via open market deals. The public investor held 32.68% stake in the Delhi-based mortgage lender as of June.
Quality will offer 1.66 crore shares at a floor price of Rs 755 apiece, representing a discount of 5% to its Rs 794.9 per share close on the NSE on Monday, according to the term sheet accessed by NDTV Profit.
The share sale will be managed by Motilal Oswal Investment Advisors Ltd. and IIFL Securities Ltd.
Last month, two other foreign portfolio investors of PNB Housing Finance—Asia Opportunities V (Mauritius) Ltd. and General Atlantic Singapore Fund FII Pte.—divested 2.45% each worth Rs 1,004 crore. The buyers include BNP Paribas Financial Markets and Morgan Stanley Asia Singapore Pte-ODI.
In May, both the FPIs divested over 2.23% each for an aggregate amount of Rs 844 crore.
PNB Housing Finance reported a 7% year-on-year surge in revenue at Rs 1,822 crore. Net profit advanced 24% to Rs 439 crore. Net interest margin sustained at 3.65% (higher than the guided range of 3.5%), driven by 8-basis-point reduction in cost of funds.
