Shares of PNB Housing Finance Ltd. fell nearly 7% on Thursday after 5.2% equity changed hands in a bunch.
The home loan provider had 13.6 crore shares changed hands at Rs 773 apiece in a bunch trade, Bloomberg reported. The total value of the stake sale is over Rs 10,512 crore.
Foreign portfolio investors Asia Opportunities V (Mauritius) Ltd. and General Atlantic Singapore Fund FII Pte. were the likely sellers, Bloomberg reported, quoting the term sheet for the large trade.
The floor price is at an 8% discount to the previous close of Rs 840 apiece. BNP and UBS are joint placement agents for the sale of stakes, according to Bloomberg.
As of March 2024, Asia Opportunities held a 9.88% stake in the housing finance company and General Atlantic held 9.82%. The same companies had divested on May 29 over 58 lakh shares each of PNB Housing Finance shares (2.23% equity) for an aggregate amount of Rs 844 crore.
PNB Housing's stock fell as much as 6.55% during the day to Rs 785 apiece on the NSE. It was trading 4.55% lower at Rs 801.75 apiece, compared to a 0.16% decline in the benchmark Nifty as of 9:56 a.m.
The share price has risen 36% in the last 12 months and 2.7% on a year-to-date basis. The total traded volume so far in the day stood at 23 times its 30-day average. The relative strength index was at 54.
Nine out of the 11 analysts tracking the company have a 'buy' rating on the stock and two suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 14.4%.
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