INSUBCONTINENT EXCLUSIVE:
Private equity firm Blackstone has pulled out of the race to buy PNB Housing Finance, leaving the contest to Varde Capital, Genera Atlantic
Amit Dixit, head of Blackstone India, confirmed pulling out of the race.
State-run Punjab National Bank, reeling under bad loans, has put
its 33 per cent stake in the mortgage unit to improve its capital position.
In a market where housing shortage is enormous, mortgage
in the housing finance space and has been eager to expand into retail segment by buying a housing-finance company.
General Atlantic may have
an advantage in buying the stake since it already owns around 9 per cent in the housing finance company
Punjab National Bank is looking to raise Rs 5,300 crore in the stake sale.
PNB Housing finance reported a 32 per cent increase in net profit
in the December on better margins and stable asset quality
2018 to 11.7 per cent in Sept 2018
For long term, it has started raising funds from overseas markets and public deposits.
The PSU bank has disbursed loans worth Rs 9,300 crore
in the third quarter and Rs 27,500 crores during the nine months period of the financial year 2018-19.
