PNB Housing Finance Sees Surge After Carlyle Group Stake Sale
In an exciting turn of events for investors, PNB Housing Finance experienced a remarkable 7.7% increase, reaching an intra-day high of Rs 1,088 on the National Stock Exchange. This surge followed the announcement that Carlyle Group, a prominent US private equity firm, had divested its complete 10.44% stake through block deals. At around 11:30 AM, shares were trading at Rs 1,052.60, marking a 4.2% rise.
Carlyle Group’s Strategic Move
Carlyle Group, previously the second-largest stakeholder in PNB Housing Finance, held its investment through an affiliate known as Quality Investment Holdings. This strategic decision to offload shares came with a floor price set at Rs 960 per share, as reported by Moneycontrol.
- Key Highlights:
- Carlyle sold 10.44% of its stake.
- The block trade was initiated at Rs 960 per share.
- Approximately 17.3 million shares were involved in the transaction.
Trading Volume and Market Response
Of the reported block deal, around 60%, equating to 17.3 million shares, exchanged hands, although specific details about the buyers and sellers remain undisclosed. The shares were transacted at Rs 1,000.20 each, representing a slight discount compared to the stock’s closing price from the previous day.
Recent Performance of PNB Housing Finance
The stock’s performance has been robust, showcasing a 6.5% increase over the last five trading sessions alone. In the past month, PNB Housing Finance has recorded a commendable 15% return, while over the last six months, it has delivered an 11% increase. Notably, the stock has surged by 31% in just the previous month.
This upward trajectory highlights a growing confidence among investors, making PNB Housing Finance a noteworthy player in the current market landscape. The developments surrounding Carlyle’s stake sale are sure to attract further attention from both analysts and potential investors alike.
