Punjab National Bank to pare stake in PPNB Housing Finance

Punjab National Bank has entered into agreements in relation to the following independent transactions on 29 March 2019:

(i) sale of 1,08,91, 733 equity shares held in PPNB Housing Finance to General Atlantic Group at a per share price of Rs.850/- aggregating to Rs.925.80 crore; and

(ii) sale of 1,08,91,733 equity shares held in PPNB Housing Finance to VardePartners at a per share price of Rs.850/- aggregating to Rs.925.80 crore.

The Transactions are subject to satisfaction of customary conditions, including receipt of applicable regulatory approvals.

Post these Transactions, PNB would continue to hold strategic stake of 19.78% of the paid up capital of PPNB Housing Finance (as on 31 December 2018) and shall continue as a promoter and strategic shareholder of PPNB Housing Finance .

 

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