NBFC stock falls 8% after FIIs likely sold 2.7% stake in the company via block deal

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NBFC stock falls 8% after FIIs likely sold 2.7% stake in the company via block deal

The shares of one of the leading housing finance firm fell around 8 percent to ₹724.55 per share on Wednesday’s trade after 2.7% of the equity shares changed hands via a block deal.

On Wednesday’s early trade, PNB Housing Finance (NS: PNBH ) Ltd. shares were trading at ₹ a share on the National Stock Exchange, down percent from the previous close. The company has a market value of ₹ 19,178 crore.

On May 29, around 1.71 million shares, representing a 2.7 percent stake in PNB Housing Finance, changed hands in a block deal, according to a report by Moneycontrol. Asia Opportunities V Mauritius and General Atlantic Singapore Fund are likely sellers in the deal.

The previous day, May 28, CNBCTV18 reported that two shareholders were offered a 2.68% stake in the company, equivalent to 6.96 million shares, citing sources. The report mentioned that the floor price for the offer was set at ₹717 per share, a 5% discount on the last closing price. The two sellers, Asia Opportunities V (Mauritius) Ltd and General Atlantic Singapore Fund Pte Ltd., held shares worth nearly ₹500 crore.

PNB Housing Finance offers retail customers housing and non-housing loans, including individual home loans, loans against property, and non-resident property loans.

According to PNB Housing’s March shareholding data, Asia Opportunities V Mauritius held a 9.88 percent stake in the company, whereas General Atlantic Singapore Fund held 9.82 percent.

The company experienced a slight annual increase in revenue of 10.6 percent, moving from ₹1,627 crore in Q4FY23 to ₹1,801 crore in Q4FY24. And during this period, net profit surged by 57 percent, rising from ₹283 crore to ₹444 crore

The housing financier’s net interest margin declined to 3.65 percent in Q4FY24 from 3.74 percent in the same period last year.

Over the past 12 months, shares of PNB Housing Finance Ltd . have surged by 54 percent. However, in the last six months, the share value has decreased by 7 percent.

Recently, Morgan Stanley (NYSE: MS ) assigned an overweight rating to PNB Housing Finance, setting a target price of ₹ 970 per share.

Written by Omkar Chitnis


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