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Report: Carlyle seeks buyers for 33% stake in India's PNB Housing Finance

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Report: Carlyle seeks buyers for 33% stake in India's PNB Housing Finance

Carlyle Group LP is seeking to find buyers for its entire 33% stake in India's PNB Housing Finance Ltd. after selling an approximately 5% stake in the open market, The Economic Times reported June 11, citing two people aware of the development.

The U.S.-based private equity firm is looking to divest the stake in the next 18 months, one of the sources said. It may engage Morgan Stanley to lead the process. The report came after Punjab National Bank said it will divest its 33% stake in the housing finance company.

PNB Housing Finance boasts of a market capitalization of 189.94 billion Indian rupees, according to the news outlet. The company has seen its capitalization almost double after the completion of its 30 billion rupees IPO in November 2016.

In May, Carlyle Group arm Quality Investment Holdings sold a 4.8% stake in the company for around 10.4 billion rupees through block deals.

Carlyle Group could not be reached for a comment, while Morgan Stanley declined to comment, the report noted.

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