State-owned lender Punjab National Bank (PNB) had sold stake in its housing finance arm, PNB Housing Finance (PNBHF) to General Atlantic Group and VardePartners for Rs 1,851 crore at Rs 850 per share. Both VardePartners and General Atlantic Group will buy 1.089 crore shares each at Rs 850 per share in the housing finance company from Punjab National Bank.
After the transaction, Punjab National Bank will continue to hold a strategic stake of 19.78% in the housing finance company and will remain the promoter and strategic shareholder of the company, the lender informed the stock exchanges.
Source- The Hindu Business Line
Static/Current Takeaways Important For LIC AAO Mains Exam:
- PNB Headquarters in: New Delhi, CEO: Sunil Mehta.