PNB Housing Finance Block Deal: 5.2% equity changes hands; stock falls 5%

Shares of housing financier PNB Housing Finance in Thursday's session (June 20) traded with a cut of over 4 per cent at Rs 803.45 as 1.36 crore shares or 5.2 per cent equity in the counter changed hands in multiple trades in the pre-opening block deal window.

At the day's low, the stock hit levels of Rs 800 per share on the BSE.

As per Zee Business, Asia Opportunities Fund and General Atlantic were looking to offload 4.2 per cent stake in the entity in a deal valued at Rs 830 crore. The floor price for the deal is pegged at Rs 773 per share, translating into a discount of 8 per cent from the last closing price of Rs 841.65 per share on the BSE.

In the housing finance company, General Atlantic under the name General Atlantic Singapore Fund Fii Pte Ltd held 9.82 per cent stake as of March 31, 2024, while Asia Opportunities V (Mauritius) Limited owned 9.88 per cent stake in the company.

Further as per reports there is a 2-month lock-in for sellers in the transaction. Besides, UBS and BNP are joint placement agents to the deal.

On the previous day, the company’s shares ended with a cut of 2.6 per cent or Rs 22.25 on the BSE at Rs 841.65.

The stock of PNB Housing Finance in the last one year has gained over 47 per cent.