Shares of leading housing finance firm PNB Housing Finance Ltd. dropped around 8 percent to ₹724.55 per share on Wednesday after 2.7% of its equity shares changed hands through a block deal.
In early trading on Wednesday, PNB Housing Finance shares were down from the previous close on the National Stock Exchange. The company currently has a market value of ₹19,178 crore.
On May 29, approximately 1.71 million shares, representing a 2.7 percent stake in PNB Housing Finance, changed hands in a block deal, according to Moneycontrol. Asia Opportunities V Mauritius and General Atlantic Singapore Fund likely sold the shares.
On 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 sellers, Asia Opportunities V (Mauritius) Ltd and General Atlantic Singapore Fund Pte Ltd., held shares worth nearly ₹500 crore.
PNB Housing Finance provides retail customers with housing and non-housing loans, including individual home loans, loans against property, and non-resident property loans.
According to March shareholding data, Asia Opportunities V Mauritius held a 9.88 percent stake in the company, while General Atlantic Singapore Fund held 9.82 percent.
The company reported a 10.6 percent annual revenue increase, rising from ₹1,627 crore in Q4FY23 to ₹1,801 crore in Q4FY24. Net profit surged by 57 percent during this period, increasing 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, PNB Housing Finance shares have surged by 54 percent, but in the last six months, the share value has decreased by 7 percent.
Recently, Morgan Stanley assigned an overweight rating to PNB Housing Finance, setting a target price of ₹970 per share.
