HDFC, Kotak deny eyeing stake in PNB Housing Finance

By: | Updated: July 26, 2018 8:44 PM

Mortgage lender HDFC and private sector Kotak Mahindra Bank today said they were not eyeing stake in the PNB Housing Finance.

Both the lenders, in their separate stock exchange filing, termed a report in this regard as factually incorrect and baseless. (Reuters)

Mortgage lender HDFC and private sector Kotak Mahindra Bank today said they were not eyeing stake in the PNB Housing Finance.

Both the lenders, in their separate stock exchange filing, termed a report in this regard as factually incorrect and baseless.

“…we would like to inform you (stock exchanges) that the Corporation had no meeting with the management of PNB Housing Finance Ltd and is not looking to acquire any stake in PNB Housing Finance,” HDFC said in its filing, while terming the media report as “factually incorrect”.

Kotak Mahindra Bank said the report is “speculative and baseless”.

Meanwhile, PNB Housing Finance has denied negotiations for stake sale.

These clarification assumes significance in the light of reports of stake sale by the existing shareholders, including Punjab National Bank (PNB).

It is to be noted that PNB offloaded 6 per cent stake to a clutch of investors for a consideration of about Rs 1,324.21 crore last fiscal.

PNB Housing Finance is a subsidiary of PNB, whose stakeholding in the company is 32.96 per cent.

Of this nearly 33 per cent stake, 20 per cent is locked up till November 7, 2019 as per the Listing Obligations and Disclosure Requirements of Sebi, PNB Housing had said in a statement filed with stock exchanges.

The company claims to be the fifth largest housing finance company with the asset under management of Rs 62,252 crore as on March 31, 2018.

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