Why PNB Housing Finance's Shares Are Down 4% At Open

Shares of PNB Housing Finance were tanking on Thursday amid reports of a block sale in the company’s stock.

What Happened: 1.36 crore shares, or 5.2% equity, of PNB Housing Finance, were traded through multiple block deals on June 20, CNBC-TV18 reported, citing sources. While the official buyers and sellers remain undisclosed, the sources hint at large transactions.

The publication reported on Wednesday that Opportunities Fund and General Atlantic were likely planning to sell a combined 4.2% stake in PNB Housing Finance at a floor price set at ₹773 per share, reflecting an 8% discount from Wednesday’s closing price.

See Also: How To Check GP Eco IPO Allotment Status

The total deal size is expected to be around ₹830 crore, suggesting over one crore shares would be offloaded by these major investors. Additionally, a 60-day lock-in period will follow the stake sale. UBS is reportedly acting as the broker for this transaction.

As of the March quarter, Asia Opportunities V held a 9.88% stake in PNB Housing Finance, while General Atlantic Singapore Fund owned a 9.22% stake.

Price Action: PNB Housing’s share price was down 3.93% at ₹807 near the start of trade on Thursday.

Read Next: Meta AI Revokes Block On Election-Related Queries, Google Retains Restrictions: Report

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: EquitiesLarge CapNewsMarketsMoversTrading IdeasPNB Housing Finance