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).