The Punjab National Bank (PNB), India's second largest lending bank, has entered into a binding agreement to sell 21.78 million shares or 13.01 per cent stake in PNB Housing Finance Ltd.
The PNB said in a notice on Friday that the bank will sell the stake to its housing finance subsidiary for 267.76 million US dollars.
The stake sale of 21.78 million shares to global equity firms General Atlantic and Värde Partners would be in an equal proportion of 10.89 million shares at the price of $12.3 per share, the notice said.
Posting these transactions, the PNB would continue to hold a strategic stake of 19.78 per cent in PNB Housing Finance and would continue as a promoter and strategic shareholder in the housing finance company, reports Xinhua.
The transactions are subject to satisfaction of customary conditions, including receipt of applicable regulatory approvals, the notice said.
