13 Nov , 2024 By : Debdeep Gupta
As much as 2.5 crore shares, representing a 9.5 percent stake in PNB Housing Finance were sold in a block deal on November 13, with Quality Investment Holdings being the likely seller. The deal, which saw shares being sold at a floor price of Rs 943 apiece, was worth a total of Rs 2,300 crore.
The block deal triggered a fall in shares of PNB Housing Finance as the stock plunged 7 percent to a low of Rs 908.15 in opening trade. The block deal in the stock today also lifted trading volumes in the counter as three crore shares already changed hands so far, higher than the one-month daily traded average of 16 lakh shares.
While Moneycontrol could not immediately ascertain the parties involved in the transaction, CNBC-TV18 had reported that Quality Investment Holdings was looking to offload a 9.43 percent stake in the housing lender, looking to raise Rs 2,301.28 crore from the sale.
The block deal would also trigger a 60-day lock-in period until Quality Investment Holdings can offload further shares, the CNBC-TV18 report said. As per PNB Housing Finance's latest shareholding data, Quality Investment Holdings owned a 19.87 percent stake in the company.
As for its quarterly numbers, PNB Housing Finance reported a 23 percent on-year growth in its net profit, coming at Rs 470 crore in Q2. This rise was driven by an improvement in asset quality, with the gross non-performing assets (GNPA) ratio easing to 1.24 percent from 1.78 percent a year earlier and 1.35 percent in the previous quarter.
The non-bank lender's net interest income (NII) grew marginally, up 1.2 percent on-year to Rs 669 crore, and rose 2.7 percent sequentially. In the September quarter, the net interest margin stood at 3.68 percent, showing a slight improvement from 3.65 percent in the previous quarter, although it remains below last year's 3.95 percent.
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