Carlyle bids to buy PNB’s 33% stake in PNB Housing Finance
US-based private equity firm Carlyle has put in its bid to acquire Punjab National Bank’s stake in PNB Housing Finance.
Carlyle, which already holds 32.4% in the housing finance company, will get a controlling stake if it succeeds to acquire PNB’s 32.8% stake. Other investors have also evinced interest.
The PE firm was earlier planning to sell down its holding along with PNB but a fall in prices of PNB Housing prompted a change in decision, the person cited above said.
PNB’s 32.8% stake was valued at around Rs 4,900 crore after Friday’s close of trade, which is about 37% discount on its one-year highest price seen in the last week of August 2018 before the credit squeeze rattled the market following default in IL&FS Group companies.