The Carlyle Group has increased the size of its block deal in PNB Housing Finance, now looking to divest a 12.8% stake instead of the previously planned 6.4%. This move aims to raise Rs 2,511 crore, double the earlier target of Rs 1,256 crore.
The deal’s floor price is set at Rs 755 per share, which reflects a 5% discount from the stock’s last closing price.
Earlier reports indicated that Carlyle was considering selling up to a 6.4% stake to raise around Rs 1,255.6 crore.
Motilal Oswal Investment Advisors Ltd and IIFL Securities are managing the transaction as book-running brokers.
The stake sale will also lift a 90-day lock-in period on further share sales by the Carlyle Group.
Currently, Carlyle holds a 32.68% stake in PNB Housing Finance through its affiliate, Quality Investment Holdings PCC, according to the company’s shareholding data for the June quarter.
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