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PNB Housing jumps 5% as Baring Asia likely offered to buy Carlyle's stake

Carlyle's attempt to buy a controlling stake in the company got foiled due to corporate governance issues and valuation concerns

November 29, 2021 / 10:42 AM IST

Shares of PNB Housing Finance on November 29 jumped 5% higher to Rs 524.75 after Moneycontrol exclusively reported that Baring Asia has offered to buy Carlyle’s stake in PNB Housing Finance.

This would give Carlyle an exit from the investment after its 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.

Also Read: Lessons From PNBHFL-Carlyle Saga

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.

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Carlyle owns a 32.2% stake in PNB Housing Finance. General Atlantic & SSG own close to 10% stake each in the company.

At 10:15 am, there were only buyers in PNB Housing Finance, with over 280,000 share orders pending on the NSE.
Moneycontrol News
first published: Nov 29, 2021 10:42 am
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