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Last Updated : May 17, 2019 10:01 AM IST | Source: Moneycontrol.com

PNB Housing Finance falls 4% after PNB calls off deal to sell stake

On March 29, PNB had entered into an agreement for sale of 1,08,91,733 equity shares held in PNB Housing Finance to Varde Holdings at Rs 850 per share, aggregating to Rs 925.80 crore.

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Shares of PNB Housing Finance fell more than 4 percent intraday on May 17 after its promoter company Punjab National Bank (PNB) terminated the share purchase agreement (SPA) entered into with Varde Holdings for the sale of the housing finance company.

On March 29, PNB had entered into an agreement for sale of 1,08,91,733 equity shares held in PNB Housing Finance to Varde Holdings at Rs 850 per share, aggregating to Rs 925.80 crore.

"PNB and Varde have mutually agreed to terminate the SPA, and all rights and obligations of the parties thereunder with immediate effect. Post-termination of the SPA, PNB will continue to be the sole promoter of the company and stay strategically invested in the company," the bank said in an exchange filing.

At 0956 hrs, PNB Housing Finance was quoting Rs 7288, down 4.05 percent on the BSE.


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First Published on May 17, 2019 10:01 am
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