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General Atlantic raises stake in PNB Housing Finance

U.S.-based private equity firm General Atlantic LLC increased its stake in India's PNB Housing Finance Ltd. to 8.36% from 6.86%, Mint reported Dec. 1, citing stock exchange data.

General Atlantic on Nov. 28 acquired nearly 2.5 million shares of PNB Housing Finance for approximately 3.36 billion rupees.

The acquisition comes after Punjab National Bank, PNB Housing Finance's parent company, said it would divest part of its stake in the unit.

As of Dec. 1, US$1 was equivalent to 64.49 Indian rupees.