PNB Housing Finance Shares Plummet Amid Block Deal Speculation
PNB Housing Finance shares declined over 2% amid heavy trading volume following reports of Carlyle Group's plan to offload a 12.8% stake in the company.
Pnb Housing FinanceCarlyle GroupBlock DealStock MarketHousing FinanceReal Estate NewsJul 30, 2024
A staggering 3.43 crore PNB Housing Finance shares, worth Rs 2,654.56 crore, changed hands on the BSE. The stock plummeted 2.41% to hit a low of Rs 775, before recovering some ground. It was later trading at Rs 784, down 1.28%. The offer price was set at Rs 755, which was at a 5% discount to Monday's closing price.
Despite this development, JM Financial remains bullish on PNB Housing Finance's prospects. Post the company's Q1 results, JM Financial noted that the asset quality for the Housing Finance Company (HFC) was now at a comfortable level. With recoveries expected to continue from the balance write-off pool, it will offer significant tailwinds in terms of credit costs.
Frequently Asked Questions
What is the stock price of PNB Housing Finance?
The stock price of PNB Housing Finance fell 2.41% to hit a low of Rs 775, before recovering to Rs 784.
What is the stake that Carlyle Group is looking to offload in PNB Housing Finance?
Carlyle Group is looking to offload a 12.8% stake in PNB Housing Finance.
What is the offer price set for the block deal?
The offer price was set at Rs 755, which was at a 5% discount to Monday's closing price.
What is the target price of PNB Housing Finance stock according to JM Financial?
JM Financial has maintained a 'BUY' rating on the stock with a revised target of Rs 1,200.
What is the outlook for PNB Housing Finance's growth trajectory?
JM Financial remains bullish on PNB Housing Finance's prospects, citing its strong growth trajectory driven by its shift towards high-yielding affordable and emerging markets, established operating infrastructure, and steady branch expansion.
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