MUMBAI, March 29 (Xinhua) -- India's second largest lending bank Punjab National Bank (PNB) has entered into a binding agreement to sell 21.78 million shares or 13.01 percent stake in its housing finance subsidiary, PNB Housing Finance Ltd, for 267.76 million U.S. dollars, the bank said in a notice on Friday.
The stake sale of 21.78 million shares to global equity firms General Atlantic and Värde Partners would be in an equal proportion of 10.89 million shares at the price of 12.3 U.S. dollars per share, the notice said.
Posting these transactions, the PNB would continue to hold a strategic stake of 19.78 percent in PNB Housing Finance and would continue as a promoter and strategic shareholder in the housing finance company.
The transactions are subject to satisfaction of customary conditions, including receipt of applicable regulatory approvals, the notice said.
