PNB Housing Finance slips 7% after 10% equity change hands on NSE

Till 09:17 am on Wednesday; as many as 26.14 million equity shares representing 10 per cent of total equity of PNB Housing Finance changed hands on the NSE, the exchange data shows.

Shares of PNB Housing Finance slipped 7 per cent to Rs 908.15 on the National Stock Exchange (NSE) in Wednesday’s intra-day trade after 10 per cent equity of the housing finance company changed hands on the exchange.

 

Till 09:17 am; as many as 26.14 million equity shares representing 10 per cent of total equity of PNB Housing Finance changed hands on the NSE, the exchange data shows. The names of the buyers and sellers were not ascertained immediately.

 

According to CNBC-TV18, Quality Investment Holdings PCC was likely to sell a 9.43 per cent stake in PNB Housing Finance, with an offer price of Rs 939.3 per share. 

 

 

Quality Investment held a 19.87 per cent stake in the company as of September 2024, the shareholding pattern data shows.

 

Earlier on October 29, 2024, Asia Opportunities V (Mauritius) Limited sold 1 million equity shares of PNB Housing Finance at Rs 900 per share on the BSE, the bulk deal data shows. HDFC Standard Life Insurance Company purchased these shares, data shows.

 

Meanwhile, with today’s decline, the stock price of PNB Housing Finance has corrected 24 per cent from its 52-week high of Rs 1,202 touched on September 13, 2024.

 

PNB Housing Finance is promoted by Punjab National Bank and is a registered Housing Finance Company with National Housing Bank (NHB). The Company got listed on the Indian stock exchanges on November 07, 2016. 

 

The company’s asset base comprises primarily of retail loans and corporate loans. The retail business focuses on organized mass housing segment financing for acquisition or construction of houses. In addition, it also provides loans against properties and loans for purchase & construction of non-residential premises. PNB Housing Finance is a deposit taking Housing Finance Company.

 

Analysts at JM Financial Institutional Securities believe that strong growth trajectory led by affordable and emerging markets and corporate disbursements, shift from super-prime to prime and mass affluent customers, steady branch expansion, and consistent recoveries from its write-off pool while maintaining asset quality would aid in healthy average RoAs of 2.5 per cent over FY25-26E. The brokerage firm maintains BUY on the stock with a revised target price of Rs 1,200 valuing it at 1.7x FY26E BV.