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PNB to Sell Part Of Stake in Housing Finance For Rs. 1,852 Crore

Equity_Pandit

Private equity (PE) firms, Varde Partners and General Atlantic look forward to putting in Rs. 925 crore each to acquire 13 percent stake in mortgage lender PNB Housing Finance, at Rs. 850 per share for Rs. 1,851 crore, or $268 million.
PNB will continue to hold a strategic stake in PNB Housing Finance of about 19.79 percent and will stay on as a promoter, it said.
The stake sale of the PNB Housing Finance will provide the much-needed liquidity, which has been reportedly weighed down by Non-performing assets (NPAs) in PNB’s balance sheet. And reportedly, effects of the major fraud in which jeweler Nirav Modi is the main accused.
In the quarter ending 31 December 2018, the bank reported gross NPAs 16.33 percent, easing slightly in the previous quarter from the level of 17.16 percent. Its gross NPA stood at 12.11 percent in the quarter ending 31 December 2017.
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