PNB Housing Finance Block Deal: 5.2% Equity Changes Hands in Large Trade
PNB Housing Finance Ltd. witnessed a significant block deal on Thursday, June 20, as 1.36 crore share
PNB Housing Finance Ltd. witnessed a significant block deal on Thursday, June 20, as 1.36 crore shares, amounting to 5.2% of the company's equity, changed hands. This major transaction has drawn attention from investors and market analysts alike.
Key Highlights:
-
Stake Sale by Major Investors:
- Opportunities Fund and General Atlantic are reportedly the sellers, offloading a combined 4.2% stake in PNB Housing Finance.
- The floor price for the deal was set at ₹773 per share, which represents an 8% discount from Wednesday's closing price.
- The total size of the deal is expected to be around ₹830 crore, indicating that more than one crore shares will be sold.
-
Transaction Details:
- The shares changed hands in multiple block deals.
- There is a 60-day lock-in period for the shares involved in the stake sale.
- UBS has been appointed as the broker for this transaction.
-
Current Holdings:
- As of the end of the March quarter, Asia Opportunities V held a 9.88% stake in the company.
- General Atlantic Singapore Fund had a 9.22% stake.
Financial Performance:
PNB Housing Finance reported a strong financial performance in the fourth quarter:
- Consolidated net profit surged 57.3% to ₹439.3 crore, up from ₹279.3 crore in the previous year.
- Consolidated net interest income for the quarter increased 7.2% to ₹623.2 crore, compared to ₹581.2 crore in the corresponding quarter of the last fiscal year.
Market Reaction:
Following the block deal, shares of PNB Housing Finance were trading 4.2% lower at ₹804.65 apiece at 9:20 am on Thursday, June 20. This decline reflects the market's response to the significant equity change and the discount at which the shares were sold.
Conclusion:
This large block deal involving major stakeholders such as Opportunities Fund and General Atlantic marks a notable event for PNB Housing Finance. The company's strong financial performance in the recent quarter and the strategic sale by significant investors are expected to shape its market position and investor sentiment in the coming months. Investors will be keenly watching the developments and the impact of the lock-in period on the stock's performance.
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