NEW DELHI: The Competition Commission on Wednesday said it has approved acquisition of 6.5% stake by General Atlantic Group in PNB Housing Finance in a ₹925 crore deal.
State-owned Punjab National Bank (PNB) in March had said that it will sell 6.5% of its stake in PNB Housing Finance to global private equity firm General Atlantic Group.
PNB had entered into agreement for sale of 1,08,91,733 equity shares held in PNB Housing Finance (PNBHF) to General Atlantic Group at ₹850 per share for ₹925.80 crore, it added.
The Competition Commission of India (CCI) in a tweet Wednesday said it "approves acquisition of 6.5% of the equity share capital of PNB Housing Finance Ltd by General Atlantic Singapore HF Pte Ltd"
According to the shareholding pattern as of March quarter, PNB held 32.79% stake in PNB Housing Finance.
General Atlantic Group is a growth equity fund with interest in consumer, financial services, healthcare and technology.
Deals beyond a certain threshold require clearance from the fair trade regulator.
This story has been published from a wire agency feed without modifications to the text.