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General Atlantic exits India's PNB Housing in $127 million deal
The company, which had a 5.1 percent stake in PNB Housing as of June 30, sold 13.3 million shares for 802.50 rupees apiece.
FILE PHOTO: A gardener waters a lawn in front of an advertisement for India's PNB Housing Finance Ltd. initial public offering (IPO) in Mumbai, India, October 25, 2016. Picture taken October 25, 2016. / REUTERS/Shailesh Andrade
U.S. private equity firm General Atlantic on Aug.21 sold its entire stake worth 10.69 billion rupees ($127.40 million) in India's PNB Housing Finance, stock exchange data showed.
Shares of the mortgage lender closed 10.1 percent higher on Aug.21.
The company, which had a 5.1 percent stake in PNB Housing as of June 30, sold 13.3 million shares for 802.50 rupees apiece, a discount to the stock's closing price of 810.90 rupees on Aug.20.
The Singapore government and India's Aditya Birla Sun Life Mutual Fund were among the biggest buyers in a list that also included Fidelity Investments, Goldman Sachs, Morgan Stanley and Nomura.
General Atlantic initially invested in PNB Housing as an institutional buyer during the Indian home financier's initial public offering in 2016, picking up a stake worth 467 million rupees.
The equity investor, which had increased its holdings in PNB Housing through subsequent investments, sold a 2.2 percent stake for about 4.22 billion rupees in May.
In July, U.S. investment firm Carlyle Group also offloaded a stake of about 13percent in PNB Housing.
PNB Housing's shares have gained around 12 percent so far in 2024.
($1 = 83.8810 Indian rupees)
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