Major Stake Shifts in PNB Housing Finance as Key Investors Sell Off Shares

Foreign investors General Atlantic and Pioneer Investment Fund sold a combined 5.37% stake in PNB Housing Finance for Rs 1,119 crore. Notable buyers included the Monetary Authority of Singapore, Goldman Sachs, and Morgan Stanley. After the sale, General Atlantic fully exited, and PNB Housing saw a stock price rally.

Foreign investors General Atlantic and Pioneer Investment Fund on Wednesday divested a combined 5.37% stake in PNB Housing Finance for Rs 1,119 crore via open market transactions. Additionally, the Monetary Authority of Singapore, Goldman Sachs, and Morgan Stanley acquired shares following the sale.

General Atlantic, through its Singapore Fund FII, sold 1,33,25,074 shares or a 5.13% stake. Pioneer Investment Fund also offloaded 6.23 lakh shares, equating to a 0.24% stake in the company. These transactions were executed at an average price of Rs 802.5 apiece, culminating in a total value of Rs 1,119.33 crore.

Post-transaction, General Atlantic exited PNB Housing Finance entirely by selling its 5.13% stake. Pioneer Investment Fund's stake reduced from 1.73% to 1.49%. Notable buyers included DSP Mutual Fund, Aditya Birla Sun Life MF, HSBC MF, ICICI Prudential MF, amongst others. Following these trades, PNB Housing's shares surged 10.23% to close at Rs 893.45 on the BSE.

(With inputs from agencies.)