NEW DELHI: Punjab National Bank stated on Friday that it'll divest stake in its subsidiary PNB Housing Finance and other entities like BSE, ICRA and Crisil relying on market conditions.
The shedding of stake in non-core belongings is part of PNB's reforms time table followed in January this year.
"The board of directors vide e-circulated agendas approved on June 8, 2018, has authorised the management to initiate the process and take appropriate decision to disinvest stake in PNB Housing Finance, ICRA Ltd, CRISIL Ltd and BSE Ltd at appropriate time depending on the market conditions and options available," the bank stated in a regulatory filing.
The disinvestment is in line with the reforms time table unveiled on January 24 for public sector banks (PSBs) which can be facing mounting unhealthy loans and frauds, like over Rs 13,000 crore rip-off at PNB, allegedly performed through diamond jeweller Nirav Modi and his pals.
PNB Housing Finance is among the main subsidiaries of PNB engaged within the industry of offering housing and development loans. The lender had a stake of 32.96 according to cent within the subsidiary on March 31, 2018.
In credit rating company CRISIL, monetary establishments and banks had a collective stake of zero.26 according to cent at the finish of March this year.
In BSE, the full public shareholding, together with that of PNB, used to be of 67.80 according to cent.
In ICRA, PNB holds 3.43 according to cent stake.
Stock of PNB closed 5.06 according to cent up at Rs 90.40 on BSE.
The shedding of stake in non-core belongings is part of PNB's reforms time table followed in January this year.
"The board of directors vide e-circulated agendas approved on June 8, 2018, has authorised the management to initiate the process and take appropriate decision to disinvest stake in PNB Housing Finance, ICRA Ltd, CRISIL Ltd and BSE Ltd at appropriate time depending on the market conditions and options available," the bank stated in a regulatory filing.
The disinvestment is in line with the reforms time table unveiled on January 24 for public sector banks (PSBs) which can be facing mounting unhealthy loans and frauds, like over Rs 13,000 crore rip-off at PNB, allegedly performed through diamond jeweller Nirav Modi and his pals.
PNB Housing Finance is among the main subsidiaries of PNB engaged within the industry of offering housing and development loans. The lender had a stake of 32.96 according to cent within the subsidiary on March 31, 2018.
In credit rating company CRISIL, monetary establishments and banks had a collective stake of zero.26 according to cent at the finish of March this year.
In BSE, the full public shareholding, together with that of PNB, used to be of 67.80 according to cent.
In ICRA, PNB holds 3.43 according to cent stake.
Stock of PNB closed 5.06 according to cent up at Rs 90.40 on BSE.
PNB to sell stake in housing finance firm, other units
![PNB to sell stake in housing finance firm, other units]()
Reviewed by Kailash
on
June 09, 2018
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