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This was the second tranche of selling by the private equity firm in just three months. Earlier in May, General Atlantic Singapore Fund had sold 58 lakh shares of PNB Housing Finance for ₹422 crore.
Of the total 32 buyers, the Government Of Singapore and Aditya Birla Sun Life Mutual Fund together bought a 2.1% stake for ₹443 crore. Other buyers include HSBC Mutual Fund, Monetary Authority Of Singapore, ICICI Prudential Life Insurance DSP Mutual Fund, Nippon India Mutual Fund and others. While HSBC Mutual Fund bought shares worth ₹65 crore, the Monetary Authority Of Singapore acquired nearly eight lakh shares for ₹62 crore.
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The deal was executed at an average price of ₹ 802.50 per piece on the BSE, which was a 3.6% premium to the earlier set floor price of ₹775. The total deal was valued at ₹1,069 crore. The massive demand at the counter took the shares of PNB Housing Finance to ₹893.45 on the BSE. The stock rallied as much as 10.1% on Wednesday to clock its biggest single-day gains since April 1, 2024.
PNB Housing Finance reported better-than-expected numbers for the June quarter. While the net profit of the company increased by 25% year-on-year to 433 cr, its overall disbursements swelled by 19.3% to Rs 4400 crore. The improvement in disbursement was led by higher growth in affordable & emerging housing loans.
After rallying 77% in 2023, the stock of PNB Housing Finance has added another 14% so far this year. Of the 12 analysts who track the stock on Bloomberg, 10 of them suggest a “Buy” whereas one analyst recommends a “Hold” and “Sell”.
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