Bandhan Bank is bidding for PNB Housing Finance. Punjab National Bank and Carlyle Group together own 66% in the housing finance company, which is facing a debt crisis at the moment. Bandhan Bank is expected to evaluate a bid either on its own or be part of a larger consortium. There are other bidders for the company, including Canadian Pension Plan Investment Board, KKR, Apax Partners, General Atlantic Partners and Advent International. Singapore’s sovereign wealth manager GIC, which is one of the largest shareholders in Bandhan Bank, is also in the fray, wanting to acquire a housing finance unit. It is expected to form a consortium with Blackstone Group and others for the purpose.
