Morgan Stanley, 2 others pick 6.8% stake in PNB Housing Finance via open market transaction for ₹1,664 crore

PNB Housing Finance bulk deal: Morgan Stanley, Societe Generale and another entity on Wednesday, November 13, picked up a total of 1.77 crore, or 6.82 per cent stake, of PNB Housing Finance through open market transactions worth ₹1,664 crore. According to bulk deal data on NSE, Morgan Stanley, through its arm, Morgan Stanley Asia Singapore, purchased over 1.42 crore shares, or a 5.4 per cent stake in PNB Housing, in two transactions.

According to the data, Ghisallo Master Fund bought 17.90 lakh shares of PNB Housing, while Societe Generale acquired 17.09 lakh shares of the firm. The shares were bought at an average price of ₹939.30 apiece, taking the combined transaction value to ₹1,664.55 crore.

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Meanwhile, through its affiliate Quality Investment Holdings PCC, global investment firm Carlyle Group offloaded 2.45 crore shares, or 9.43 per cent of PNB Housing Finance's stake, through open market transactions for ₹2,301.58 crore. The shares were sold at an average price of ₹939.42 per piece. 

After the transaction, Carlyle's stake fell to 10.44 per cent from 19.87 per cent. The exchange could not ascertain the details of the other buyers of PNB Housing Finance's shares. In July, US-based Carlyle divested a 12.8 per cent stake in PNB Housing Finance for ₹2,578 crore. Shares of PNB Housing Finance declined 6.90 per cent to close at ₹915.35 apiece on the NSE.

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PNB Housing Finance Q2 Results

PNB Housing Finance reported a 23 per cent year-on-year (YoY) rise in net profit at ₹470 crore for the second quarter of FY25. The housing finance company's net interest income (NII) increased by 1.2 per cent YoY to ₹669 crore. NII growth quarterly stood at 2.7 per cent. 

The lower growth in NII was due to the declining impact of the corporate book. Net interest margin (NIM) in Q2FY25 decreased to 3.68 per cent from 3.95 per cent in the year-ago period. NIM in Q1FY25 stood at 3.65 per cent. Gross NPA declined by 54 bps to 1.24 per cent as of September 30, 2024, compared with 1.78 per cent as of September 30, 2023.

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Capital risk adequacy ratio stood at 29.13 per cent, while Tier-I was at 28.06 per cent. PNB Housing Finance said its disbursements during Q2FY25 grew by 27.8 per cent YoY and 21.5 per cent quarter-on-quarter (QoQ) to ₹5,341 crore. The retail segment grew by 28.2 per cent YoY and 22.4 per cent QoQ to ₹5,341 crore.