Last Updated : May 16, 2019 04:22 PM IST | Source: Moneycontrol.com

Punjab National Bank terminates sale of housing arm to Varde Holdings

On March 29, the bank had entered into an agreement for sale of 1,08,91,733 equity shares held in PNB Housing Finance to Varde Holdings at Rs 850 per share, aggregating to Rs 925.80 crore

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Punjab National Bank (PNB) has terminated the share purchase agreement (SPA) entered into with Varde Holdings for the sale of its housing finance arm.

On March 29, the bank had entered into an agreement for sale of 1,08,91,733 equity shares held in PNB Housing Finance to Varde Holdings at Rs 850 per share, aggregating to Rs 925.80 crore.

"PNB and Varde have mutually agreed to terminate the SPA, and all rights and obligations of the parties thereunder with immediate effect. Post-termination of the SPA, PNB will continue to be the sole promoter of the company and stay strategically invested in the company," the bank said in an exchange filing.

"PNB strongly believes in the growth story of the company and will continue to support its business and management in pursuing its growth plans. We will continue to provide branding support as long as PNB remains the promoter of the company," the bank said.

First Published on May 16, 2019 04:22 pm