PNB Housing Finance falls 4% after PNB calls off deal to sell stake

Shares of PNB Housing Finance fell more than 4 percent intraday on May 17 after its promoter company Punjab National Bank (PNB) terminated the share purchase agreement (SPA) entered into with Varde Holdings for the sale of the housing finance company.

On March 29, PNB had entered into an agreement for sale of 1,08,91,733 equity shares held in PNB Housing Finance to Varde Holdings at Rs 850 per share, aggregating to Rs 925.80 crore.

"PNB and Varde have mutually agreed to terminate the SPA, and all rights and obligations of the parties thereunder with immediate effect. Post-termination of the SPA, PNB will continue to be the sole promoter of the company and stay strategically invested in the company," the bank said in an exchange filing.

At 0956 hrs, PNB Housing Finance was quoting Rs 7288, down 4.05 percent on the BSE.

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PNB Housing rallies 5% on strong Q4 earnings

Shares of PNB Housing Finance rallied almost 5 percent intraday on May 10 after the company reported a 51 percent jump in its consolidated net profit at Rs 379.77 crore for the fourth quarter ended March 2019, compared to Rs 251.58 crore in the year-ago period.

The company in its BSE release said that its total income during the quarter rose to Rs 2,148.19 crore, up by 31 percent against Rs 1,638.48 crore in the corresponding quarter of 2017-18.

PNB Housing said its board of directors recommended a final dividend of Rs 9 per equity share for 2018-19.

At 0943 hrs, PNB Housing Finance was quoting Rs 729.50, up 4.51 percent on the BSE.

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