PNB, Carlyle to sell 51% stake in housing fin arm

Punjab National Bank (PNB) and Carlyle Group plan to initiate the process to sell at least 51 per cent stake in the mortgage lender PNB Housing Finance, the state-run bank on Wednesday said.

PNB owns 32.79 per cent stake and Carlyle Group, through its investment vehicle Quality Investment Holdings Quality Investment Holdings, owns 32.36 per cent of the paid up equity share capital of PNB Housing Finance. "Punjab National Bank and Carlyle Group intend to jointly initiate a strategic stake sale process to offer minimum 51 per cent stake in PNB Housing Finance," PNB said.

In May this year, Quality Investment Holdings sold 4.8 per cent stake in PNB Housing Finance for Rs 1,024 crore through an open market transaction.

PNB Housing Finance, a subsidiary of PNB, claims to be the fifth largest housing finance company with the asset under management of Rs 62,252 crore as on March 31, 2018.