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Punjab National Bank pares stake in PNB Housing Finance

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Punjab National Bank pares stake in PNB Housing Finance

Punjab National Bank pared its stake in PNB Housing Finance Ltd. by selling 9,815,860 equity shares to retail and non-retail investors.

The Indian bank said it raised 13.15 billion rupees from the share sale. The sale came after the bank said Nov. 27 that it was offering to sell a 6% stake, or 9,994,000 shares, in the housing finance company. As of September, the bank held a 38.86% stake in the company.

Separately, a filing shows the bank sold 8,994,600 shares of PNB Housing Finance to nonretail investors. As a result of the share sale to nonretail investors, the bank's stake in the company dropped to 33.46% from 38.86%, the filing shows.

Meanwhile, General Atlantic Singapore Fund FII Pte. Ltd. raised its stake in PNB Housing Finance to 8.36% from 6.86%, according to a separate filing.

As of Dec. 4, US$1 was equivalent to 64.40 Indian rupees.