Block deal: PNB Housing Fin falls 5% as 13.6 mn shares change hands on NSE

Shares of PNB Housing Finance slipped by 6.5 per cent at Rs 785 a piece on the NSE in Thursday’s intraday trade. The stock price dipped after the company’s equity reportedly changed hands via block deals. 

According to reports, over 1.36 crore shares, equivalent to 5.24 per cent equity worth Rs 1,095.14 crores changed hands via a NSE Block trade on Thursday. The shares were sold at Rs 803.35 per scrip. 

PNB Housing Finance offers housing loans and loans against property as part of its product portfolio, and it also possesses the licence to accept public deposits.

Reportedly, General Atlantic and Asia Opportunities Fund are expected to be the sellers. As of the quarter ended March 2024, Asia Opportunities V held a 9.88 per cent stake, whereas General Atlantic Singapore Fund FII held a 9.82 per cent stake.

In the January-March quarter of financial year 2024 (Q4 FY24), PNB Housing Finance reported a consolidated net profit of Rs 439 crore, marking a 57 per cent increase compared to Rs 279 crore in the same quarter of the previous year. Sequentially, the profit rose by 30 per cent from Rs 338 crore in the third quarter of FY24.

During the reporting quarter, the net interest income (NII) of the housing financier grew by 7 per cent to Rs 632 crore from Rs 593 crore in the year-ago period. However, the net interest margin (NIM) declined slightly to 3.65 per cent from 3.74 per cent in the previous year but remained unchanged sequentially compared to the December 2023 quarter.

At 11:12 AM; the stock of the company was trading 4.52 per cent higher at Rs 802 per share. By comparison, the NSE Nifty50 was trading flat, up marginally by 0.13 per cent.