PNB Housing shares have climbed 13 per cent in the past one month. The stock has delivered a solid 43 per cent return in the past one year.
PNB Housing Finance block deals: Two US based-funds namely General Atlantic and Asia Opportunities V (Mauritius) are likely to sell 4 per cent stake in PNB Housing Finance Ltd worth Rs 830 crore through open market transactions on Thursday, a few reports suggested citing term sheet issued by the bankers.
PNB Housing shares have climbed 13 per cent in the past one month. The stock has delivered a solid 43 per cent return in the past one year. The housing finance company had reported March quarter results that were ahead of analyst estimates due to higher other income and lower provisioning.
As per ET, the two funds would be selling 1.08 crore shares or 4.16 per cent of the total equity and BNP Paribas and UBS Securities are the bankers for the deal. General Atlantic is seen selling shares worth Rs 420 crore. Asia Opportunities V (Mauritius), on the other hand, is offloading shares worth Rs 410 crore. In total, the two funds may sell Rs 830 crore worth PNB Housing shares.
The PNB Housing management has guided for retail loan growth of 17 per cent for FY25, on the back of significant investments in distribution (189 branches added during FY22- FY24), along with a revival in the corporate loan book during H2FY25.
The incremental investments are skewed towards affordable and emerging segments to drive higher yields, which are under pressure due to the rebalancing of the portfolio towards retail (97 per cent of loan book) and particularly individual housing (72 per cent of retail).
“Throughput from these newly added branches, which are likely to drive opex ratios higher, remain a key monitorable, while the credit costs are likely to remain subdued (sub-30bps),” HDFC Institutional Equities said in April 30 note.
