Singapore Government, Aditya Birla Sunlife Acquire Stake In PNB Housing Finance

PNB Housing Finance witnessed a significant stake sale on Tuesday, with a foreign portfolio investor offloading shares worth Rs 1,004 crore through open market transactions. The buyers included prominent entities such as the Government of Singapore, the Monetary Authority of Singapore, Aditya Birla Sunlife Mutual Fund, ICICI Prudential Life Insurance Co., DSP Blackrock Mutual Fund, and HSBC Mutual Fund.

Quality Investment Holdings PCC divested 12.8 per cent of its shares in two separate instalments of 1.6 crore shares each, amounting to over 3 crore shares sold at Rs 775.25 apiece. This transaction was recorded in bulk deal data on the BSE.

Media reports had indicated that the Carlyle Group entity planned to sell up to 6.4 per cent of its stake in the housing financier, aiming to raise Rs 1,255 crore through open market deals. As of June, Carlyle held a 32.68 per cent stake in the Delhi-based mortgage lender.

The firm had proposed to offer 1.66 crore shares at a floor price of Rs 755 per share, which represented a 5 per cent discount to its Rs 794.9 per share closing price on the NSE on Monday.

Among the significant buyers, Singapore government-linked entities acquired 75 lakh shares, while Aditya Birla Sun Life Mutual Fund purchased 29.03 lakh shares, representing a 1.11 per cent stake. ICICI Prudential Life Insurance bought 14.19 lakh shares (0.54 per cent), DSP Blackrock Mutual Fund acquired 13.7 lakh shares (0.52 per cent), and HSBC Mutual Fund purchased 13.48 lakh shares (0.51 per cent). All these purchases were made at Rs 775 per share.

Following these transactions, shares of PNB Housing Finance closed 1.88 per cent lower at Rs 794.90 per share on the NSE, contrasting with a 0.09 per cent advance in the NSE Nifty 50 index.

This strategic stake acquisition by high-profile investors underscores the confidence in PNB Housing Finance’s future prospects, even as the company navigates a dynamic financial landscape.