PNB, Indian Bank to offload entire stakes in credit info firm Experian

Punjab National Bank and Indian Bank will offload their entire stakes in information services and data analytics firm Experian, according to a bid document released Wednesday.

"Both PNB and Indian Bank (the banks/the sellers) intend to sell their respective shareholding in Experian," said PNB Investment Services, which is managing the sale process for both the banks.

Punjab National Bank (PNB) holds 3 per cent of the paid-up equity share capital equivalent to 42 lakh equity shares of Experian Credit Information Company of India Pvt Ltd, and Indian Bank (IB) holds 2.14 per cent of the paid-up equity captial representing 30 lakh shares in Experian.

Experian was set up in 2010 by Gus Holdings BV, Netherlands, and some domestic public and private sector banks and non-banking financial companies (NBFCs) for providing credit information services.

"PNB Investment Services Ltd (PNBISL) has been appointed as merchant banker/advisors by PNB and IB for the intended stake sale. PNBISL invites bids from potential investors for purchase of 42,00,000 shares held by PNB representing 3 per cent and 30,00,000 shares held by IB representing 2.14 per cent in Experian," it said.

The floor price of the shares is Rs 70 apiece. Calculated on this, PNB is expected to fetch Rs 29.40 crore by selling stake in Experian while IB can raise Rs 21 crore.

Gus Holdings BV has the majority stake of 66.72 per cent in Experian, Federal Bank 2.14 per cent, Aravali Investment Holdings, Mauritius 10 per cent, VIC Enterprises 5 per cent, Sundaram Finance 8 per cent and Magma Fincorp Ltd 3 per cent.

The interested buyers can submit their bids by September 28, 3 PM, which would be opened on the same day at 5 PM, said the bid document.