INSUBCONTINENT EXCLUSIVE:
KOLKATA: US-based private equity firm Carlyle has put in its bid to acquire Punjab National Bank's stake in PNB Housing Finance, a person
familiar with the matter told ET.
Carlyle, which already holds 32.4% in the housing finance company, will get a controlling stake if it
Other investors have also evinced interest.
The PE firm was earlier planning to sell down its holding along with PNB but a fall in prices of
close of trade, which is about 37% discount on its one-year highest price seen in the last week of August 2018 before the credit squeeze
rattled the market following default in ILFS Group companies.
The joint sale process started sometime in July last year before it got
derailed.
But the bank has again begun the process and floated a fresh expression of interest as the government is pushing state-owned banks
So, it is better that we move out
declined comment on the matter.
Meanwhile, the housing finance company reported a 32% rise in consolidated net profit at Rs 303 crore in the
such as PNB Gilt, PNB Investment Services Co and PNB Insurance Broking, and overseas subsidiaries like Punjab National Bank (International)
Ltd and Druk PNB in Bhutan.
