India Digest: PNB Housing, Essar Steel, Hotel Leelaventure, ReNew Power in M&A news

Punjab National Bank. Photo: Livemint

While General Atlantic and Varde are close to buying stake in PNB Housing Finance, BoFAML has emerged as a sole bidder for Essar Steel loans. Also, Brookfield is set to acquire Hotel Leelaventure even as Norway’s Equinor is eyeing a stake in ReNew Power.

General Atlantic, Varde close to buying 22% stake in PNB Housing

Private equity majors General Atlantic Partners and Varde Partners are close to acquiring 22% stake in PNB Housing Finance from Punjab National Bank for around Rs 3,500 crore, said a report in The Economic Times, quoting sources. PNB, which owns 32.79 per cent stake in the unit, has decided to stay invested with a 10.7% per cent stake and choose two buyers instead of selling the entire block to one suitor. This structure would avoid open offer for an additional 26 per cent of the company. Existing investor General Atlantic is likely to pick up an additional 12 per cent stake in PNB Housing to take its stake to around 22 per cent, while Varde is expected to pick up a 10 per cent stake.

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