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PNB Housing plans to sell 25-26% stake

PNB Housing plans to sell 25-26% stake
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First Published: Tue, Sep 23 2008. 12 31 PM IST
Updated: Tue, Sep 23 2008. 12 31 PM IST
Reuters
Mumbai: PNB Housing Finance Ltd plans to sell 25 - 26% stake to an investor as part of its pre-IPO placement and expects to finalise transaction details by December, a top official said on Tuesday.
“We would be looking at cheap funds and a partner who can bring some value,” Managing Director, G.K. Sawhney told Reuters in an interview, adding that the firm plans to expand beyond the National Capital Region (NCR).
“The company, a unit of state-run Punjab National Bank, will open more branches across India and reduce dependence on NCR, which currently constitutes half of its total loan disbursement,” Sawhney said.
“Real estate prices have corrected in recent times and would compensate for any demand impact which high interest rates may have had,” he added.
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First Published: Tue, Sep 23 2008. 12 31 PM IST