Carlyle to divest 6.4% stake in PNB housing finance for ₹1,256 crore: Report

US-based private equity firm Carlyle is set to sell up to a 6.4% stake in PNB Housing Finance through an open market transaction on Tuesday. Quality Investment Holdings, a Carlyle entity, plans to offload 1.66 crore shares at a floor price of ₹775 each, aiming to raise ₹1,256 crore. This floor price is a 5% discount compared to Monday's closing price of ₹794.90.

PNB Housing Finance's stock has underperformed this year, gaining only 1.2% compared to the 13% rise in the benchmark Sensex. As of June 30, 2024, Carlyle held a 32.68% stake in the housing finance company.

According to CNBC Awaaz, Carlyle intends to sell shares valued at ₹1,000 crore, with the base price expected to be between ₹750 and ₹760 per share. At the top end of this range, the shares are offered at a 4.5% discount compared to Monday's closing price.

Shares of PNB Housing Finance have remained relatively steady on a year-to-date basis, increasing by just 1.14%. Over the past year, the shares have risen by 25%, though they are currently 13% below their 52-week high of ₹913.70.

In recent quarters, PNB Housing has shifted its business model to focus more on retail, reducing the proportion of corporate loans in its assets under management (AUM). Moving forward, the company plans to increase its share of affordable housing disbursements within its overall retail disbursements over the medium term.

As of the latest shareholding data for the June quarter, the promoter's stake in the company remains unchanged at 28.13%. However, mutual funds have increased their holdings from 3.37% to 5.86%, while Foreign Institutional Investors (FIIs) and Foreign Portfolio Investors (FPIs) have reduced their holdings from 25% to 17.89% during this period.