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PNB to sell 7% stake in PNB Housing Finance: Report

07 Mar 2017 Evaluate

Punjab National Bank (PNB), one of the country's largest lenders, is reportedly planning to sell an around 7% stake in PNB Housing Finance. The bank has already received interest from some players, including private equity investors. At current price, a 7% stake in the newly listed company will fetch nearly Rs 1,200 crore. The bank currently holds a 39% stake in PNB Housing Finance.

PNB has posted over four-fold jump in its net profit at Rs 207.18 crore for the quarter ended December 31, 2016 as compared to Rs 51.01 crore for the quarter ended December 31, 2015. Total income of the Bank increased by 4.37% at Rs 14497.65 crore for Q3FY17 as compared Rs 13891.20 crore for the corresponding quarter previous year.

Peers
Company Name CMP
State Bank Of India 952.80
PNB 114.30
Bank Of Baroda 234.55
Canara Bank 119.00
Union Bank Of India 173.00
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