India Digest: Suzlon eyes service unit stake sale; PNB to pare holding in home fin unit

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Suzlon is in talks with a couple of investors to sell a stake in its services arm, while Punjab National Bank has revived its plan to offload stake in its home finance unit.

Suzlon in talks to sell stake in services arm

In a bid to pare its debt, renewable energy solution provider Suzlon Energy is looking to sell up to 49 per cent stake in its operations and maintenance subsidiary, Suzlon Global Services.

According to a source-based report in The Economic Times, Suzlon is already in talks with two financial investors to sell the stake and is said to be seeking a valuation of Rs 8,000 crore for the services business.

The company aims to reduce its debt by 30-40 per cent by the end of 2018-19 through an asset sale and other strategic initiatives, the report said.

Punjab National Banks revives plan to sell stake in home fin arm

State-owned Punjab National Bank has revived its plan to sell a 33 per cent stake in its home finance arm, according to a report in The Economic Times.

Per the sources quoted in the news report, the public sector lender has appointed PNB Investment Services and Credit Suisse to look for investors.

Punjab National Bank is looking to raise around Rs 5,200 crore through the stake sale.

Earlier, PNB and Carlyle had initiated a joint strategic sale process for their entire 66 per cent holding. The plan was later shelved due to the crisis in the NBFC sector.

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