On Tuesday, August 20, CNBC-TV18 reported, citing sources that General Atlantic Singapore Fund FII Pte Ltd was to offload 5.1% stake in PNB Housing Finance Ltd via a block deal.
Sources said the private equity major was to sell shares at a floor price of ₹775 per share, which represents a 4.4% discount to the company’s closing price of nearly ₹810 on Tuesday, down 1.4% in trade. The 5.1% stake translates to an overall deal size of around ₹1,032.7 crore.
As per data available on the Bombay Stock Exchange, General Atlantic held 5.13% stake in the company, as of June 30, 2024.
IIFL Securities was said to be the sole broker for the same. The sale would also not be subject to any lock-in period, allowing the shares to be freely traded post-transaction.
Prior to this, on June 30, PE major Carlyle also sold over 13% stake in PNB Housing Finance via a block deal worth ₹2,642 crore. As many as 3.4 crore shares changed hands at ₹778 per share in block deals.
PNB Housing Finance shares gained around 6% to hit an intra-day high of
₹863.3 apiece on Wednesday, August 21. The stock was up 4.51% at ₹847.5 apiece at 9.25 am.
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