Asia Opportunities V, General Atlantic sell 4.46% stake in PNB Housing

Asia Opportunities V (Mauritius) and General Atlantic divested a 4.46 per cent stake in housing finance firm PNB Housing Finance for Rs 843 crore through open market transactions.

US-based private equity firm General Atlantic through its affiliate General Atlantic Singapore Fund FII Pte Ltd offloaded its stake in PNB Housing Finance on the BSE.

As per the bulk deal data available with the BSE, Asia Opportunities V (Mauritius) and private equity firm General Atlantic Singapore Fund FII Pte sold 58 lakh shares each, amounting to a combined 4.46 per cent stake in PNB Housing Finance.

The shares were disposed of in a price range of Rs 727.26-727.47 apiece, taking the combined deal size to Rs 843.79 crore.

As of March 2024, shareholding data of PNB Housing Finance on the BSE, Asia Opportunities V (Mauritius) Ltd holds a 9.88 per cent stake, and General Atlantic Singapore Fund FII Pte owns a 9.82 per cent stake in the company.

Meanwhile, Societe Generale purchased 13.08 lakh shares at an average price of Rs 724.55 per piece, as per the data on the BSE.

This took the deal value to Rs 94.82 crore.

Details of the other buyers could not be ascertained.

Shares of PNB Housing Finance plunged 6.69 per cent to close at Rs 735.85 apiece on the BSE.

In January this year, foreign investor Asia Opportunities V (Mauritius) acquired a 9.88 per cent stake in PNB Housing Finance for Rs 2,105.86 crore.

Last month, PNB Housing Finance reported a 57 per cent jump in its net profit to Rs 444 crore in the fourth quarter ended March 2024.

The housing finance company had posted a net profit of Rs 283 crore in the same quarter a year earlier.

Total income during the quarter rose to Rs 1,806 crore from Rs 1,628 crore in the same quarter of the previous fiscal. It's interest income in Q4FY24 was higher at Rs 1,684 crore, as against Rs 1,581 crore in the same period a year ago.