 "Punjab National Bank issues EoI for stake sale in PNB Housing Finance")
Punjab National Bank (PNB) has published an Expression of Interest (EoI) to sell its 32.8 per cent stake, in part of in full, in PNB Housing Finance to potential investors.
Credit Suisse and PNB Investment Services will be advisors to the transaction and the last date for investors to respond to the EoI concludes on November 26.
In July, PNB and the Carlyle Group through its investment vehicle Quality Investment Holdings (QIH), said that they were looking to sell their respective stakes in the housing finance company, amounting to 51 per cent. However, in a regulatory filing on November 13, PNB further said that the Carlyle Group withdrew from the joint stake sale process and it has been terminated.
PNB owns 32.79 per cent stake in PNG Housing Finance, while QIH owns 32.36 per cent of the paid up equity share capital.
In May, QIH sold 4.8 per cent stake in PNB Housing Finance for Rs 10.24 billion through an open market transaction.
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