PNB Housing block deal: Asia Opportunities, General Atlantic to sell 4.2% stake for Rs 830 cr, says CNBC Awaaz

PNB Housing | CMP: Rs xx per share | The stock tumbled over 4 percent on June 20 as around 1.36 crore shares or 5.2 percent equity changed hands in multiple blocks. Though Moneycontrol could not ascertain buyers or sellers in the block deal window immediately, but sources cited by CNBC-Awaaz indicated General Atlantic and Asia Opportunities Fund being the likely sellers.

Two shareholders of PNB Housing Finance Ltd. offer about 10.8 million shares or 4.2 percent stake worth Rs 830 crore via block deal, according to terms of the deal obtained by CNBC Awaaz

Asia Opportunities V (Mauritius) Ltd. and General Atlantic Singapore Fund FII Pte are each selling about 5.4 million shares.

The floor price has been set at Rs 773, an 8 percent discount to the last close of Rs 840, the CNBC Awaaz sources. There is a 60-day lock in for sellers in the deal.

BNP and UBS are joint placement agents to the deal.

Shares of PNB Housing on June 19 closed 2.58 percent lower at Rs 841.65 apiece on BSE.

Earlier, on May 29, as much as 2.7 percent equity of PNB Housing Finance changed hands in block deals.

The company reported a 57.3 percent increase in consolidated net profit at Rs 439.3 crore in the fourth quarter, compared to the previous years' Rs 279.3 crore.

The consolidated net interest income for the quarter also rose 7.2 percent to Rs 623.2 crore against Rs 581.2 crore in the corresponding quarter of the last fiscal.

As of the March quarter, Asia Opportunities V, held a total of 9.88 percent in the company and General Atlantic Singapore Fund Pte has 9.92 percent stake.