PNB to sell part stake in housing finance arm for Rs 1,852 crore

Both VardePartners and General Atlantic Group will buy 1.089 crore shares each at Rs 850 per share in the housing finance company

State-run Punjab National Bank (PNB) is selling part of its stake in PNB Housing Finance to global private equity firm General Atlantic Group and alternative investment firm Varde Partners for Rs 1,851.60 crore.

After the transaction, PNB will continue to hold a 19.78 per cent stake in the housing finance arm, and will remain the promoter and strategic shareholder of the company, the lender informed the stock exchanges on Friday. As of December 31, 2018, PNB held 32.79 per cent in PNB Housing Finance.

PNB will sell 10.89 million equity shares each to General Atlantic and Varde Partners at Rs