Punjab National Bank appoints i-bankers for stake sale in housing arm

Punjab National Bank has appointed merchant bankers to sell a controlling stake in PNB Housing Finance, according to sources. The sale is expected to be finalised in the next few months, the sources added.

Recently, the bank and Carlyle Group, which owns over 32 per cent in PNB Housing Finance, had announced their plans to sell at least 51 per cent stake in the company.

We have just appointed the merchant bankers and are in the process of doing due diligence now,” managing director and chief executive Sunil Mehta told. About the timing of the deal, Mehta said the bank will go to the market to offload the stake in the housing finance subsidiary at the right time.  If the market condition is right and if we are able to get the right valuation, it may happen (in the second or third quarter)…It all depends on market conditions.”