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PNB Housing to go for IPO

News Updates 15 June 2016_html_19968552PNB Home Finance is preparing for an IPO in this financial year. It has already engaged three investments banks for the purpose. With the IPO, the stake of Punjab National Bank, which at present holds 51% in the housing finance company, may come down to 30%. The other 49% is held by Carlyle Group, the American multinational financial services company. The move by Punjab National Bank to dilute its stake in the company is in line with the finance ministry’s directive that banks should cut down their non-core assets to meet capital requirements. The housing company had 66% growth in net profit during 2015-16 to Rs 326 crore, against Rs 196 crore in 2014-15. Total income grew 52% to Rs 2,697 crore. Punjab National Bank’s MD and CEO Usha Ananthasubramanian had said that the bank was looking at monetizing its 51% stake by listing the housing finance company.

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