Mortgage lender PNB Housing seeks $450 million in IPO - IFR

HONG KONG (Reuters) - Mortgage company PNB Housing Finance Ltd is seeking to raise up to $450 million in an initial public offering, IFR reported on Tuesday, citing a term sheet of the transaction.

PNB Housing, owned by Punjab National Bank and private equity firm Carlyle Group LP , is looking to sell between 38.7 million and 40 million new shares in an indicative range of 750-775 rupees, added IFR, a Thomson Reuters publication. That would put the IPO at up to 30 billion rupees ($450 million).

($1 = 66.5919 Indian rupees)

(Reporting by S. Anuradha of IFR; Writing by Elzio Barreto; Editing by Michael Perry)