Carlyle to sell 4.8% stake in PNB Housing
Quality Investment Holdings, an arm of the global private equity giant Carlyle, is selling 80 lakh shares of PNB Housing Finance, translating into about 4.8% of its equity, for around Rs 1,040 crore ($153 million) through block deals. According to the term sheet for the deal, the stake in being offered at Rs 1,280 per share — a nearly 7% discount to PNB Housing Finance’s Monday close on the BSE at Rs 1,374.
In early 2015, Carlyle had bought a 49% stake — for about $200 million — in PNB Housing, which came to it through the buyout of Destimoney Enterprises that was holding the stake for PE firm New Silk Route. At the expected block deal price of $153 million for the 4.8% stake, the remaining 32.5% stake still with Carlyle is worth a little over $1 billion.
The stake is being sold through the accelerated book-building method, for which Morgan Stanley and Citibank are joint book runners. After the deal, Carlyle will hold about 32.5% stake in the housing finance company, with public sector lender Punjab National Bank which has 60.3% stake.