Goldman Sachs offloads stake in PNB Housing Finance via bulk deal; Nippon India MF buys

Goldman Sachs sold about 5 lakh shares in PNB Housing Finance through open market transactions on Thursday. Meanwhile, Nippon India Mutual Fund has bought some stakes.

According to the bulk deals data available with the exchanges, Goldman Sachs Mauritius Fund has offloaded a 0.29% stake, and Nippon India MF has picked up the same.

The transaction was executed at a weighted average price of Rs 133.


PNB Housing Finance is majority public owned, but domestic fund houses have a meagre 1.85% stake in the company. Foreign portfolio investors own 24.2%, with holdings by Investment Opportunities V Pte and General Atlantic Singapore Fund.

PNB Housing Finance is a registered housing finance company and is promoted by leading public sector lender Punjab National Bank. The company’s asset base comprises retail loans and corporate loans.

The retail business focuses on organized mass housing segment financing for the acquisition or construction of houses. In addition, it also provides loans against properties and loans for the purchase and construction of non-residential premises.

On Thursday, PNB Housing Finance stock closed 2.31% higher at Rs 427 apiece on NSE. The shares have risen just above 30% in the last year period.

The company has not yet announced its fourth quarter results.

For the December quarter, PNB Housing Finance's retail loan assets rose 7% YoY to Rs 53,123 crore, 92% of the total loan asset.

Gross non-performing assets (NPAs) for the quarter stood at 4.87% as compared to 6.06% as on September 2022.

The company's profit after tax increased 43% YoY to Rs 269 crore, while net interest income improved 67% YoY to Rs 734 crore. Net Interest Margin stood at 4.68% in Q3.

According to Trendlyne data, PNB Housing Finance has an average target price of Rs 555, and the consensus estimate represents an upside of 30.11% from the current levels.