Morgan Stanley and Societe Generale Acquire 6.82% Stake in PNB Housing Finance for Rs 1,664 Crore

Morgan Stanley, Societe Generale, and another entity acquired a total of 1.77 crore shares, or 6.82% stake, in PNB Housing Finance on Wednesday. These open market transactions amounted to Rs 1,664 crore. According to the National Stock Exchange (NSE) bulk deal data, Morgan Stanley Asia Singapore purchased over 1.42 crore shares, representing a 5.4% stake in two separate transactions.

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Meanwhile, Ghisallo Master Fund and Societe Generale also participated in the acquisition. Ghisallo Master Fund bought 17.90 lakh shares, while Societe Generale acquired 17.09 lakh shares of PNB Housing Finance. The average purchase price was Rs 939.30 per share, bringing the total transaction value to Rs 1,664.55 crore.

Stake Reduction by Carlyle Group

In contrast, Carlyle Group reduced its stake in PNB Housing Finance through its affiliate Quality Investment Holdings PCC. They sold 2.45 crore shares, equivalent to a 9.43% stake, for Rs 2,301.58 crore via open market transactions. The shares were sold at an average price of Rs 939.42 each.

Following this sale, Carlyle's holding in PNB Housing Finance decreased from 19.87% to 10.44%. In July, Carlyle had already divested a 12.8% stake in the company for Rs 2,578 crore.

Market Impact and Share Price Movement

The transactions had a noticeable impact on the market as PNB Housing Finance's share price fell by 6.90%, closing at Rs 915.35 on the NSE. This decline followed the significant trading activity involving both acquisitions and sales of the company's shares.

Details about other buyers involved in acquiring PNB Housing Finance's shares were not available on the exchange at this time.