New Delhi: US private equity firm Carlyle Group is looking to sell its 33 percent stake in non-bank lender PNB Housing Finance Ltd, as per a financial daily report.


COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Deal would yield a return several times the money Carlyle initially invested 3 years ago, the Economic Times reported.


Carlyle is the biggest shareholder in PNB Housing Finance with 37.14 percent stake as on March 31.


Shares of PNB Housing Finance Ltd fell 2.81 at Rs 1,103.20 on BSE at 10.49 a.m.


In another news, Punjab National Bank last week said that that it will divest stake in its subsidiary PNB Housing Finance and other entities like BSE, ICRA and Crisil depending on market conditions.


The shedding of stake in non-core assets is part of PNB's reforms agenda adopted in January this year.


PNB Housing Finance is one of the main subsidiaries of PNB engaged in the business of providing housing and construction loans. The lender had a stake of 32.96 percent in the subsidiary on March 31, 2018.


Of this stake, 20 percent is locked up till November 7, 2019 as per the Listing Obligations and Disclosure Requirements of Sebi, PNB Housing said in a statement filed with stock exchanges.


With regard to asset quality, PNB Housing's gross NPAs were 0.42 percent, whereas net NPAs were 0.33 percent of loan assets as on December 31, 2017.


With PTI Inputs