PNB jumps after offloading entire stake in CIBIL

Punjab National Bank jumped 4.70% to Rs 592.50 at 14:48 IST on BSE after the bank said it sold its entire stake in Credit Information Bureau India to TransUnion International Inc.

The announcement was made after market hours on Tuesday, 4 March 2014.

Meanwhile, the BSE Sensex was up 71.32 points, or 0.34%, to 21,281.05.

On BSE, so far 2.86 lakh shares were traded in the counter, compared with an average volume of 1.51 lakh shares in the past one quarter.

The stock hit a high of Rs 596.70 and a low of Rs 562.35 so far during the day. The stock hit a 52-week high of Rs 852.15 on 20 May 2013. The stock hit a 52-week low of Rs 402.20 on 4 September 2013.

The stock had underperformed the market over the past one month till 4 March 2014, rising 0.13% compared with the Sensex's 4.94% rise. The scrip had also underperformed the market in past one quarter, falling 0.58% as against Sensex's 2.42% rise.

The large-cap bank has an equity capital of Rs 362.07 crore. Face value per share is Rs 10.

Punjab National Bank (PNB) announced that after regulatory approvals, it has sold its entire stake in Credit Information Bureau India (CIBIL) to TransUnion International Inc.(FII).

The financial details of the transaction were not disclosed in the notification.

Prior to the stake sale, PNB held 5% equity and TransUnion International Inc held 27.5% equity in CIBIL.

Punjab National Bank's net profit declined 42.14% to Rs 755.41 crore on 3.68% growth in total income to Rs 11922.30 crore in Q3 December 2013 over Q3 December 2012.

The Government of India holds 58.87% stake in Punjab National Bank (as per the shareholding pattern as on 31 December 2013).

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