India: CCI approves General Atlantic’s 6.5% stake acquisition in PNB Housing

Photo: Reuters

The Competition Commission of India (CCI) on Wednesday said it has approved the acquisition of 6.5 per cent stake by private equity firm General Atlantic in mortgage lender PNB Housing Finance.

In March, state-owned Punjab National Bank (PNB) announced that it was selling 13 per cent stake in PNB Housing to General Atlantic and Varde Partners for Rs1,851 crore. Both investors were to pump in Rs925 crore each, at Rs850 per share, to acquire 1.08 crore shares each from PNB, the lender then said in a stock exchange filing.

In a tweet on Wednesday, CCI said it “approves acquisition of 6.5 per cent of the equity share capital of PNB Housing Finance Ltd by General Atlantic Singapore HF Pte Ltd”.

Previously, private equity funds including TPG and Baring PE Asia, were reportedly in the fray to acquire a controlling stake in the housing finance company.

As of March 2019, PNB held 32.79 per cent while another major PE player, The Carlyle Group, held 32.36 per cent stake in PNB Housing Finance.

In a similar deal in the housing finance space, global private equity giant Blackstone Group acquired an 80 per cent stake in Aadhar Housing Finance in February this year. Separately, Ajay Piramal-led Piramal Group and Baring Private Equity were reportedly in advanced talks to acquire a controlling stake in Dewan Housing Finance Ltd (DHFL).

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Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.