Carlyle Group Exits PNB Housing Finance by Selling 10.44% Stake for Rs 2,712 Crore

Carlyle Group, a global investment firm, has fully exited its stake in PNB Housing Finance. The firm sold its entire 10.44% holding for Rs 2,712 crore through open market transactions. This sale was executed via Quality Investment Holdings PCC, an affiliate of Carlyle, on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

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On the NSE, Carlyle's affiliate sold over 1.73 crore shares, while on the BSE, it disposed of 98.07 lakh shares in eight separate tranches. The shares were sold at an average price of Rs 1,000.20 each, resulting in a total transaction value of Rs 2,712.97 crore.

Key Buyers and Market Impact

Several prominent buyers acquired PNB Housing Finance shares during this transaction. On the BSE, Nippon India Mutual Fund, Kotak Mahindra Mutual Fund, Nomura Funds Ireland, and Daiwa House Industry from Osaka were among the purchasers. Meanwhile, on the NSE, buyers included Societe Generale, Goldman Sachs, Morgan Stanley, Canara Robeco Mutual Fund, HDFC Bank, Citigroup Global Markets Mauritius, Kotak Mahindra Life Insurance, Premji Invest (Azim Premji's investment arm), and SBI Life Insurance.

Additional entities such as Singapore-based Aurigin Capital and Cohesion Investments also participated in acquiring shares. Other investors included Madhusudan Kela's Cohesion MK Best Ideas Sub-Trust, Norway's Pension Fund Global, and Saudi Arabia's Public Investment Fund.

Previous Stake Sales by Carlyle

This recent sale follows Carlyle Group's previous divestments in PNB Housing Finance. In November 2024, Carlyle sold a 9.43% stake for Rs 2,301.58 crore. Earlier in July of the same year, it had offloaded a 12.8% stake for Rs 2,578 crore.

In March 2022, PNB Housing's board approved a Rs 2,500-crore rights issue after cancelling a share sale plan involving Carlyle Group and others due to legal delays. Initially aiming to raise Rs 4,000 crore in equity capital through a deal with Carlyle and other investors in May 2021, PNB Housing terminated this plan in October 2021.

Stock Performance

The market responded positively to these developments. On Friday, PNB Housing Finance shares rose by 4.29% to close at Rs 1,053.50 on the NSE and increased by 4.02% to settle at Rs 1,050.85 on the BSE.

Carlyle Group's exit marks a significant change in PNB Housing Finance's shareholder structure. The involvement of various institutional investors indicates continued interest in the company's prospects despite past challenges.

With inputs from PTI