PNB Housing Finance slides 6% on Carlyle exit news
NEW DELHI: PNB Housing Finance fell over 6 per cent on Monday after an ET report suggested that existing investor Carlyle is looking to sell its entire stake in the lender.
That report is based on statement of two sources. The deal is seen to yield a return that’s several times the money invested three years ago.
The stock dropped 6.28 per cent to hit a low of Rs 1,063.35 on the BSE this morning.
Carlyle had invested Rs 1,600 crore in February 2015 for a 49 per cent stake in the then unlisted company. The NBFC got listed on the BSE in November 2016 after a Rs 3,000-crore initial public offer. The scrip has since doubled in value.
Carlyle now owns a 33 per cent stake, having recently sold about 5 per cent in the open market, ET reported.
The company may mandate Morgan Stanley to lead the deal, the sources added.
“Private equity fund Carlyle has put its entire stake of around 33 per cent stake in PNB Housing Finance on the block and is looking to sell it in the next 18 months,” said one of the sources.
That report is based on statement of two sources. The deal is seen to yield a return that’s several times the money invested three years ago.
The stock dropped 6.28 per cent to hit a low of Rs 1,063.35 on the BSE this morning.
Carlyle had invested Rs 1,600 crore in February 2015 for a 49 per cent stake in the then unlisted company. The NBFC got listed on the BSE in November 2016 after a Rs 3,000-crore initial public offer. The scrip has since doubled in value.
Carlyle now owns a 33 per cent stake, having recently sold about 5 per cent in the open market, ET reported.
The company may mandate Morgan Stanley to lead the deal, the sources added.
“Private equity fund Carlyle has put its entire stake of around 33 per cent stake in PNB Housing Finance on the block and is looking to sell it in the next 18 months,” said one of the sources.