Tag: pnb

Shares of Punjab National Bank the country’s second-largest public sector bank surged 8 percent to hit a 21-month high of Rs 54.90 per share in Friday’s intra-day trade after the state-owned lender received the government’s approval to divest its entire stake in UTI Asset Management Company (AMC). PNB owned a 15.22 percent stake in UTI Asset Management Company as of September 30. That stake is valued at Rs 1,394.52 crore today, following a 7.36 percent rise in the AMC stock. The AMC stock hit a high of Rs 740.15 on BSE today. "The Exchange is hereby informed that the Bank has received approval of DIPAM, Ministry of Finance, Government of India for divestment of Bank's entire/part stake in UTI Asset Management Company Limited in single or multiple tranches subject to compliance of SEBI Regulations/other applicable regulatory guidelines," the bank said in a regulatory filing. The timeline for making the divestment is yet to be finalized, the bank said. Read more

Shares of PNB Housing Finance (PNB HF) have soared a massive 58 percent in three days on the bourses after the housing financier announced equity infusion worth Rs 4,000 crore, led by Carlyle Group, removing a key overhang on the company’s growth outlook. The fact that the capital raising plan was nearly double what was expected (Rs 1,800 crore) has helped the counter jump a massive 279 percent from its 52-week low level of Rs 183, hit on June 2, 2020. It is difficult to predict Whether PNB HF will deliver on the growth projections that don’t look promising - at least till the financial year 2022-23 - 2023-24 (FY23-FY24). Read more

Shares of PNB Housing Finance were locked in the upper circuit of 20 percent at Rs 525.20, hitting 52 weeks high on the BSE on Monday, after the company board approved a capital raise of up to Rs 4,000 crore, led by entities affiliated to the Carlyle Group Inc. Pluto Investments S.a.r.l., an affiliated entity of Carlyle Asia Partners IV, L.P. and Carlyle Asia Partners V, L.P. had agreed to invest up to Rs 3,185 crore through a preferential allotment of equity shares and warrants at a price of Rs 390 a share, the company said in an exchange filing. The Carlyle Group Inc has made an open offer for the acquisition of up to 70.79 million shares of PNB Housing Finance, representing 26 percent of the expanded voting share capital, at a price of Rs 403.22 per share from the shareholders of the company."Existing shareholders of the company, funds managed by Ares SSG and General Atlantic, are also participating in the capital raise. PNB will continue to be the promoter Read more

The Public sector lender Punjab National Bank released its Quarterly result and has missed the street estimates by a wide margin with a standalone net loss of Rs 492.3 crore for Q3FY20 against a profit of Rs 246.50 crore in Q3FY19. A CNBC-TV18 poll has estimated a profit of Rs 967.7 crore. Total revenue, however, climbed 7.49 per cent year-on-year (YoY) to Rs 15,967.49 crore against Rs 14,854.23 crore in Q3FY19.