PNB Housing Finance hires banks for $385 mn IPO

PNB owns 51% stake in PNB Housing, while Carlyle Group owns the rest

PNB Housing Finance Ltd has hired banks including Barclays, JPMorgan and Morgan Stanley for a Rs 2,500 crore (about $385 million) initial public offering, IFR reported on Friday, citing two sources close to transaction.

Indian investment banks Kotak and JM Financial will also advise PNB Housing in the planned IPO, slated for the first half of 2016, IFR, a Thomson Reuters publication, said.

State-run Punjab National Bank owns a 51% stake in PNB Housing, while Carlyle Group owns the remainder.