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PNB, Carlyle Group to sell at least 51% stake in PNB Housing Finance

Press Trust of India  |  New Delhi 

(PNB) and plan to initiate the process to sell at least 51 per cent stake in the Housing Finance, the state-run said.

owns 32.79 per cent stake and Carlyle Group, through its investment vehicle Quality Investment Holdings, owns 32.36 per cent of the paid up equity share capital of Housing

"and intend to jointly initiate a strategic stake sale process to offer minimum 51 per cent stake in PNB Housing Finance," PNB said in a regulatory filing.

In May this year, sold 4.8 per cent stake in PNB Housing for Rs 1,024 crore through an open market transaction.

PNB Housing Finance, a subsidiary of PNB, claims to be the fifth largest housing company with the asset under management of Rs 62,252 crore as on March 31, 2018.

The company had registered a rise of 58 per cent in its net profit at Rs 829.41 crore in fiscal ended March 2018. Total income during the year stood at Rs 5,516.96 crore.

PNB Housing had disbursed Rs 33,195 crore loans during 2017-18, an increase of 61 per cent over the preceding fiscal year. Its asset under management stood at Rs 62,252 crore as on March 31, 2018.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, July 11 2018. 12:00 IST