US private equity firm Carlyle has launched a block deal to sell 10.4 per cent stake in PNB Housing Finance and raise upto $308 million, according to a termsheet viewed by Moneycontrol.
"The block trade has been launched at a floor price of Rs 960/share which is a 5 per cent discount to the Rs 1,010.20/share close on April 30. Carlyle intends to make a complete exit via this deal ," a person familiar with the development told Moneycontrol.
A second person confirmed the above and added the seller is Quality Investment Holdings Pcc, an affiliate of Carlyle. A third person added that IIFL Capital is the advisor to the proposed block deal. All three persons spoke to Moneycontrol on the condition of anonymity.
Carlye, PNB Housing Finance and IIFL Capital couldn't be reached for an immediate comment.
The share price of PNB Housing Finance has risen by 15.71 per cent in the last month. The March quarter profit of the housing finance company advanced 25 percent to Rs 550 crore. It had posted a net profit of Rs 439 crore in the same quarter a year earlier.
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