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General Atlantic will sell a 5.1% stake in PNB Housing Finance at ₹775 per share, raising ₹1,033 crore. The transaction follows Carlyle's earlier sale of a 12.8% stake. A day ahead of the block deal, PNB Housing Finance’s share price closed at ₹809.90, down 1.52%.
General Atlantic, a leading private equity firm, is set to divest a significant portion of its holdings in PNB Housing Finance Limited. The transaction is scheduled to take place on Wednesday, August 21, 2024, through an open market transaction.
General Atlantic Singapore Fund FII Pte Ltd will sell 1.33 crore shares of PNB Housing Finance at a floor price of ₹775 per share. This sale is expected to raise approximately ₹1,033 crore.
The floor price is set at a 4.4% discount to the company's last closing price of ₹809.90 on the National Stock Exchange (NSE).
The transaction will account for a 5.1% stake in PNB Housing Finance's equity, effectively reducing General Atlantic's stake in the company, which stood at 5.13% as of June 30, 2024.
The shares sold in this transaction will not be subject to any lock-in period, meaning they can be freely traded immediately after the transaction.
The PNB Housing Finance share price closed at ₹809.90 in the previous trading session, reflecting a decline of ₹12.50, or 1.52%. Despite this recent dip, the stock has delivered a 23.10% return over the past 12 months, with the share price rising by ₹152.
This move by General Atlantic follows closely on the heels of another major transaction involving PNB Housing Finance. Last month, US-based private equity firm Carlyle sold a 12.8% stake in the company, raising ₹2,578 crore. The sale, conducted via a block deal, saw 3.4 crore shares change hands at ₹778 per share.
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