PNB Housing Finance: General Atlantic Likely To Offload Stock Worth Rs 1,033 Crore

US-based private equity firm General Atlantic Ltd plans to offload stake worth Rs 1,033 crore in PNB Housing Finance Ltd. through open market transactions.

General Atlantic Singapore Fund FII Pte will offer 1.33 crore shares at a floor price of Rs 775 apiece, representing a discount of 4.4% to its Rs 810.9 per share close on the NSE on Tuesday, people in the know told NDTV Profit.

The share sale will be managed by IIFL Securities Ltd.

As of June, General Atlantic Singapore Fund held a 5.13% stake in the housing finance company.

Asia Opportunities V (Mauritius) and General Atlantic Singapore Fund FII Pte. in June divested 2.45% stake each worth Rs 1,004 crore in PNB Housing Finance. The buyers include BNP Paribas Financial Markets and Morgan Stanley Asia Singapore Pte-ODI.

In May, both the FPIs divested over 2.23% each for an aggregate amount of Rs 844 crore.

The scrip closed 1.40% higher at Rs 810.90 apiece. This compares to a 0.51% advance in the NSE Nifty 50 Index. The share has risen 23.26% in the last one year and 3.26% year-to-date.