PNB may sell 7% stake in PNB Housing Finance by Q2FY18: Report



"The bank is open to selling its stake in the firm. We have not decided on the amount or time of the stake sale," MD, Usha Ananthasubramanian told the newspaper. 


Stock market tips

Punjab National Bank (PNB) is looking to sell 7 percent of its stake in its mortgage arm PNB Housing Finance . Two officials familiar with the development told the Economic Times that the public sector bank has received interest from some players and private equity investors.
          "The bank is open to selling its stake in the firm. We have not decided on the amount or time of the stake sale," MD, Usha Ananthasubramanian told the newspaper. PNB currently holds a 39 percent stake in the housing finance company. At yesterday's closing price, 7 percent stake on PNB Housing Finance could fetch around Rs 1,200 crore. "We have had some early discussions. 
            There is a lot of interest as PNB Housing has a great portfolio, low non-performing assets and has done considerably well after it got listed," one of the officials said. He added that the bank will look to maximise its returns from the proposed sale. The stake sale may happen in the second quarter of FY18, another official told ET, adding that the bank was well-placed when it came to availability of funds.





Author: Profit Street

Comments

Post a Comment

Popular posts from this blog

Majority of states have very few stock market investors

Image
Stock market movements make headlines every day. How many people invest in stock markets in India? Which state has most stock market investors in India? Mint has analyzed statistics from the Bombay Stock Exchange (BSE) to answer some of these questions. The BSE data used unique client codes to identify the number of stock market investors in each state and union territory. It identified 3.23 crore registered stock market investors in total. All investor accounts are linked to a demat account, though there maybe duplication, for example with one demat account connected to investor accounts with more than one brokerage. A total of 98.7% of these had clear state/union-territory wise data. It was not defined for 4.29 lakh investors. This works out to less than 7% of India’s 48.18 crore-strong workforce. The exchange updates the data daily. The analysis used numbers from 20 February 2017. Maharashtra alone accounts for more than one-fifth of India’s stock market investors. Gujar
Read more

Stock exchanges in IFSCs may permit trading in equity derivatives: SEBI

Image
The Securities and alternate Board of India (Sebi) on Thursday stated stock exchanges running in global financial services centres (IFSCs) may allow dealing in fairness derivatives. "in line with the recommendations of the risk administration review Committee of SEBI, it has been decided to specify derivatives on equity shares of an organization integrated in India as permissible safety," the market regulator's round mentioned. "...the known inventory exchanges operating in IFSCs may allow dealing in derivatives on fairness shares, topic to prior approval of Sebi," it brought. in line with the round, the Market large position restrict (MWPL) for "derivatives on fairness shares" will probably be equal to 10 per cent of the collection of shares held through non-promoters within the related underlying safety (free-go with the flow conserving). further, the MWPL for "derivatives on equity shares" in regarded inventory exchanges
Read more

Expect growth to slow in the next 2-4 quarters due to GST: L&T’s R Shankar Raman

Anticipate that development will moderate in the following 2-4 quarters because of  #GST: L&T's R Shankar Raman Taking a gander at all the nations that have executed it from their inheritance tax collection structures, all have taken a plunge in development for two to four quarters, said R Shankar Raman, CFO, Larsen and Toubro. In a selective, CNBC'S Akiko Fujita made up for lost time with R Shankar Raman, CFO, Larsen and Toubro to get some information about the Modi government's greatest expense change – products and enterprises assess (GST) and the effect of that on his organization and the perspectives of India Inc. He stated, India Inc is content with the change subjects/changes taken up by Modi government yet just stressed over speed of making an interpretation of the subjects into activities. "The pace at which the subjects were taken off, to the majority of our psyches - it resembled homework of usage has additionally been tended to yet
Read more