Carlyle to exit PNB Housing with $308 million stake sale

The sale, to be fully executed by Carlyle via its affiliate Quality Investment Holdings Pcc, marks the firm’s complete exit from PNB Housing Finance, with IIFL Capital advising on the deal

US private equity firm Carlyle has initiated a block deal to sell its 10.4% stake in PNB Housing Finance, aiming to raise up to $308 million. According to reports citing a term sheet, the transaction is priced at a floor rate of Rs 960 per share, representing a 5% discount compared to PNB Housing’s closing price of Rs 1,010.20 on April 30.

The sale, set to be fully executed by Carlyle through its affiliate, Quality Investment Holdings Pcc, marks the firm’s complete exit from the housing finance company. IIFL Capital is acting as the advisor for the deal, sources familiar with the matter reportedly revealed.

PNB Housing Finance has seen its stock price rise by 15.71% over the last month, fuelled by strong financial performance. For the March quarter, the company reported a 25% increase in net profit, reaching Rs 550 crore, up from Rs 439 crore during the same period last year.

Representatives from Carlyle, PNB Housing Finance, and IIFL Capital were unavailable for immediate comment, as per Moneycontrol.