PNB Housing Finance share price rallied 7.7% to an intra-day high of Rs 1,088 on the National Stock Exchange after a US private equity group, Carlyle Group, sold its entire 10.44% stake via block deals, reported Moneycontrol, citing a termsheet. At 11.30, the stock was trading 4.2% higher at Rs 1,052.60.
The private equity firm was the second-largest shareholder in PNB Housing Finance and held its stake via an affiliate called Quality Investment Holdings.
“The block trade has been launched at a floor price of 960 rupees per share,” Moneycontrol reported, citing a source.
Almost 17.3 million shares of PNB Housing Finance, or 60% of the reported block deal, showed trade exchange data, but did not give information on the seller or the buyers. The shares were sold for Rs 1,000.20 each, a discount of a per cent to the stock’s closing price on Wednesday.
PNB Housing Finance’s share price has risen 6.5% in the last five trading sessions. The stock has given a return of 15% in the last one month and 11% in the past six months. The share price of the company has increased by 31% over the previous one month.