Government-owned Punjab National Bank (PNB) said on Friday it is offloading some of its stake in its subsidiary PNB Housing Finance to General Atlantic Group and Varde Partners for Rs 1,851.6 crore.
Both Varde Partners and General Atlantic Group will buy over one crore shares each at Rs 850 per share in PNB Housing Finance.
"Post these transactions, PNB will continue to hold strategic stake of 19.78 per cent of the paid up capital of PNB Housing Finance and will continue as its promoter and strategic shareholder," it said in a statement.
With over three decades of experience, PNB Housing Finance provides loans to individuals and corporate bodies for purchase, construction, repair and upgradation of houses.
It also provides loans for commercial space, loan against property and loan for purchase of residential plots.
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