General Atlantic, Asia Opportunities sell 4.9% stake in PNB Housing Fin

Foreign investors General Atlantic and Asia Opportunities V (Mauritius) on Thursday sold a 4.9 per cent stake in PNB Housing Finance for Rs 1,004 crore through open market transactions.

US-based private equity firm General Atlantic through its affiliate General Atlantic Singapore Fund FII Pte offloaded PNB Housing Finance shares through a bulk deal on the National Stock Exchange (NSE).

More than 1.27 crore shares or a 4.9 per cent stake in PNB Housing Fin were disposed of by both entities.

As per the data available, General Atlantic Singapore Fund FII and Asia Opportunities sold 63.79 lakh shares each, amounting to a 4.9 per cent stake in the public sector housing finance company.

The shares were offloaded in the range of Rs 786.46-787.88 apiece, taking the combined transaction value to Rs 1,004.28 crore.

After the stake sale, the shareholding of Asia Opportunities V (Mauritius) in PNB Housing Finance has declined to 7.43 per cent from 9.88 per cent.

The stake of General Atlantic in the firm has reduced to 7.37 per cent from 9.82 per cent.

Meanwhile, financial services companies BNP Paribas picked 28.62 lakh shares of PNB Housing Finance, and Morgan Stanley acquired 22.85 lakh scrip of the public sector firm.

BNP Paribas through its arm BNP Paribas Financial Markets and Morgan Stanley through its affiliate Morgan Stanley Asia Singapore purchased shares of PNB Housing Finance.

The shares were bought at an average price of Rs 785 each, taking the total size to Rs 404.10 crore.

Details of the other buyers of PNB Housing Finance shares could not be ascertained.

Shares of PNB Housing Finance plunged 5.43 per cent to close at Rs 794.40 apiece on the NSE.

Last month, Asia Opportunities V (Mauritius) and General Atlantic divested a 4.46 per cent stake in PNB Housing Finance for Rs 843 crore.