PNB and PNB Housing shares mixed amid stake sale report
NEW DELHI: Shares of PNB and PNB Housing traded mixed in Tuesday’s trade amid reports the parent firm was mulling a 7 per cent stake sale in the housing finance arm.
The New Delhi-based bank has already received interest from some players, including private equity investors, ET quoted two officials as saying.
At current price, a 7 per cent stake in the newly listed company will fetch nearly Rs 1,200 crore.
Following the report, shares of PNB Housing fell 1.92 per cent to hit a low of Rs 982.20 on BSE. PNB rose 1.51 per cent to hit a high of Rs 143.65, before giving away entire gains.
"The bank is open to selling its stake in the firm. We have not decided on the amount or time of the stake sale," managing director Usha Ananthasubramanian said. She didn't provide further details.
The bank holds 39 per cent stake in PNB Housing Finance.
The New Delhi-based bank has already received interest from some players, including private equity investors, ET quoted two officials as saying.
At current price, a 7 per cent stake in the newly listed company will fetch nearly Rs 1,200 crore.
Following the report, shares of PNB Housing fell 1.92 per cent to hit a low of Rs 982.20 on BSE. PNB rose 1.51 per cent to hit a high of Rs 143.65, before giving away entire gains.
"The bank is open to selling its stake in the firm. We have not decided on the amount or time of the stake sale," managing director Usha Ananthasubramanian said. She didn't provide further details.
The bank holds 39 per cent stake in PNB Housing Finance.
