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Punjab National Bank offloads stake in PNB Housing Finance, stocks rise 2 per cent

The share price of Punjab National Bank (PNB) and PNB Housing Finance (PNBHF) gained 2 percent each in early trade on Friday after PNB offloaded its 12.92 per cent stake in PNBHF, in part or full to strategic/financial investors through a competitive bidding process.

twitter-logo BusinessToday.In        Last Updated: March 29, 2019  | 12:42 IST
Punjab National Bank offloads stake in PNB Housing Finance stocks rise 2 per cent
PNB would continue to hold a strategic stake of 19.78% in PNB Housing.

The share price of Punjab National Bank (PNB) and PNB Housing Finance (PNBHF) gained 2 percent each in early trade on Friday after PNB offloaded its 12.92 per cent stake in PNBHF, in part or full to strategic/financial investors through a competitive bidding process.

PNB India has sold 12.92 per cent or 1.08 cr shares in PNB Housing, offering 6.46 per cent each to general Atlantic Group & Varde Partners for a total consideration of Rs 1,851.6 crore.

The filing to the exchange states that sale of 1,08,91,733 equity shares each has been transacted to both the firms (Atlantic Group & Varde Partners) at a per share price of Rs 850, aggregating to Rs 925.80 cr.

Post the mentioned transactions, PNB would continue to hold a strategic stake of 19.78% in PNB Housing and shall continue as a promoter and strategic shareholder of PNBHF.

PNB bank's share price opened at Rs 95.75 on BSE and Rs. 95.35 on NSE and scored 2 per cent above the previous close, at Rs. 97.45 on BSE and Rs. 95.55 on NSE. PNB share price has been consecutively gaining for the last four days and has risen 5.81 per cent in the period.

There has been a significant increase in the stock's returns at the rate of 32.23 per cent and 22 per cent in one month and three months, respectively. As per the technical trend of the stock, both weekly and monthly chart suggests bullish moving average. The stock has traded higher than 5, 20, 50, 100 and 200-day moving average.

PNBHF share on Friday touched day's high of Rs 849.50 at a 2.41 per cent jump from the yesterday's closing of Rs. 829.50, after opening 4.9 points above.

With rising investors' participation, the stock also outperformed the sector today by 1.55 per cent. PNBHF stock has been gaining for the last 3 days and has risen 3.09 per cent in the period.

(Edited by Rupa Burman Roy)

Also Read: PNB to sell stake in PNB Housing to General Atlantic, Varde Partners for Rs 1,851 cr

Also Read: Share Market Live: Sensex, Nifty pare gains; PNB Housing Finance rises 3.82%

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