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Punjab National Bank to divest stakes in PNB Housing Finance, other firms

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Punjab National Bank to divest stakes in PNB Housing Finance, other firms

Punjab National Bank will divest its stakes in unit PNB Housing Finance Ltd. and other entities including BSE Ltd., CRISIL Ltd. and ICRA Ltd.

The state-run lender will sell its shareholdings in the companies at an appropriate time depending on market conditions and available options, it said in a June 8 filing. The divestment is in line with the Indian government's agenda to reform Indian public sector banks.

Earlier in June, a senior government official told Bloomberg News that the bank might raise 130 billion rupees from the divestment of part of its 39.08% stake in PNB Housing Finance, sale of noncore assets and recovery of dues from companies undergoing insolvency proceedings. The news came after the company posted a net loss of 134.17 billion rupees for the three months ended March 31 due to higher provisions allocated for the alleged US$2 billion fraud.

S&P Global Market Intelligence and CRISIL are owned by S&P Global Inc.

As of June 8, US$1 was equivalent to 67.54 Indian rupees.