Private equity (PE) funds General Atlantic Partners and Apax Partners are planning to buy 49% stake owned by Destimoney in Punjab National Bank's (PNB’s) housing finance company PNB Housing Finance. New Silk Route (NSR), which owns majority stake in Destimoney, has appointed Morgan Stanley to find a buyer for the PNB stake.
Housing companies are generally valued at 1.2 times of their net worth. PNB Housing Finance has a net worth of Rs 620 crore until fiscal March 31, 2013. This benchmark will offer PNB Housing Finance a valuation of roughly Rs 744 crore. Punjab National Bank has reported 42.14% fall in its net profit at Rs 755.41 crore for third quarter ended December 31, 2013 as compared to Rs 1305.62 crore for the same quarter in the previous year. However, total income of the bank has increased by 3.68% at Rs 11922.30 crore for quarter under review as compared to Rs 11499.27 crore for the quarter ended December 31, 2012.
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