India-based Punjab National Bank (PNB) has announced plans to sell 6% stake in its housing finance unit through an offer for sale.

The lender intends to offload up to 9,994,000 equity shares of PNB Housing Finance, at a floor price of INR1,325 per share. The offer for sale, part of its strategy to dispose non-core assets, is expected to fetch the bank INR13.24bn ($205m).

The bank said in a regulatory filing that the offer for sale will be open “on November, 28, 2017 (for non-Retail Investors only) and on November, 29, 2017 (for Retail Investors and for non-Retail Investors who choose to carry forward their bids).”

The latest move by PNB follows the initial public offering (IPO) of the housing finance arm last year. Following the IPO, PNB’s stake in the unit reduced from 51% to 38.86%.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.