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Punjab National Bank (PNB) has sold 13.01 per cent stake in PNB Housing Ltd (PNBHF) to General Atlantic Group and VardePartners for ₹1851.60 crore.
The new investors picked up about 6.50 per cent stake each in the housing finance company by investing ₹925.80 crore.
PNB, in a stock exchange notice, said that it sold 1,08,91,733 equity shares each in PNBHF to General Atlantic Group and VardePartners at ₹850 per share.
“The transactions are subject to satisfaction of customary conditions, including receipt of applicable regulatory approvals. Post these transactions, PNB would continue to hold strategic stake of 19.78 per cent of the paid-up capital of PNBHF (as on 31 December 2018) and shall continue as a promoter and strategic shareholder of PNBHF," the notice said.
Sells stake in Experian Credit
The public sector bank also informed the exchanges that it has sold its entire stake (42 lakh unlisted shares) in Experian Credit Information Company India Ltd. The bank, however, did not disclose the sale consideration.
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