PNB to sell stake in housing finance arm

New Delhi, March 29 (IANS) State-run Punjab National Bank (PNB) on Friday said it will sell part of its stake in PNB Housing Finance (PNBHFL) to global equity firms General Atlantic Group and Varde Partners for a total of Rs 1,851.60 crore. The bank has entered into agreements for the sale. Post the transactions, the PNB would continue as the promoter and hold a strategic stake of 19.78 per cent in PNBHFL, it said in a regulatory filing. The transactions would include "sale of 1,08,91,733 equity shares held in PNBHFL to General Atlantic Group at a per share price of Rs 850, aggregating to Rs 925.80 crore, and the sale of 1,08,91,733 equity shares held in PNBHFL to Varde Partners at a per share price of Rs 850, aggregating to Rs 925.80 crore," the filing said. Shares of PNBHFL on the BSE rose by 3.87 per cent or Rs 32.10 to Rs 861.60 per share around 12.55 p.m. Stock price of PNB on the BSE traded at Rs 96.20, higher by Re 0.85 or 0.89 per cent from its previous close.