Bandhan looks to bid for PNB Housing Finance
Bandhan Bank is considering a potential bid to acquire PNB Housing Finance, and is likely to submit an expression of interest later this week, people familiar with the matter said.
State lender Punjab National Bank (PNB) and private equity investor Carlyle Group, which almost equally own a 66% stake, hired investment bankers to sell the housing finance company in a $2.25-billion deal. Expressions of interest (EoIs) are expected by August 24.
Private equity buyout specialists, sovereign wealth and global pension funds are expected to hold sway in the deal-making even though the bidding line-up would include certain strategic acquirers like Fullerton. Bandhan, riding on a long share price rally, is expected to evaluate a bid either on its own or be part of a larger consortium, sources said.
Incidentally, Singapore’s sovereign wealth manager GIC, one of the largest shareholders in Bandhan, is in the fray to acquire PNB Housing. As reported by this newspaper previously, GIC is expected to form a consortium with Blackstone Group and others.
Tags : ALLIED