Baring Asia has offered to buy Carlyle’s stake in PNB Housing Finance and give it an exit from the investment after Carlyle’s attempt to buy a controlling stake in the company got foiled due to corporate governance issues and valuation which did not have any control premium, sources told Moneycontrol.
Sources suggested that deal talks are on between Carlyle and Baring Asia. If General Atlantic & SSG also sell their shares, Baring Asia could own a controlling stake in PNB Housing Finance. The deal may involve an open offer for the shareholders if talks materialise.
On Moneycontrol’s query, Carlyle declined to comment. PNB Housing Finance and Baring PE Asia also did not respond.
Carlyle owns a 32.2% stake in PNB Housing Finance. General Atlantic & SSG own close to 10% stake each in the company.(This is a developing story. Please check back for updates)