Private equity (PE) firm General Atlantic has bought 1.5% more stake in PNB Housing Finance Ltd, a housing finance company sponsored by state-owned lender Punjab National Bank, data from stock exchanges showed.
General Atlantic acquired close to 2.5 million shares of the housing finance company, raising its shareholding in the firm to 8.36% from 6.86%.
The shares were acquired from open market on 28 November, General Atlantic said in the stock exchange filing. Based on Tuesday’s closing price, the stake acquired by the PE firm is worth approximately Rs335.86 crore (approx $51.6 million)
General Atlantic first made its investment in PNB Housing Finance as an anchor investor ahead of the housing finance company’s initial public offering (IPO) in October 2016. The PE firm picked stake worth $7 million in the anchor allocation.
A month later in November 2016, General Atlantic purchased PNB Housing Finance shares worth Rs501 crore ($75 million).
Shares of PNB Housing Finance closed at Rs1,338.2 per share, up 0.32% on the BSE, while the benchmark Sensex closed at 33,149.35 points, down by 1.35%.
US-headquartered General Atlantic has been operating in India since 1999 and its investments in India include Billdesk, IIFL Wealth, Mu Sigma and National Stock Exchange.
Source: Mint