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PNB terminates Share Purchase Agreement entered into with Varde Holdings Pte. Ltd.

Posted On: 2019-05-16 16:35:08


Punjab National Bank ("Seller" or "PNB") had entered into an agreement for sale of 1,08,91,733 equity shares held in PNB Housing Finance Limited ("PNBHF" or "Company") to Varde Holdings Pte. Ltd.("Acquirer" or "Varde") at a per share price of Rs.850/- aggregating to Rs. 925.80 crores ("SPA").

PNB and Varde have mutually agreed to terminate the SPA, and all rights and obligations of the parties thereunder with immediate effect.Post termination of the SPA, PNB will continue to be the sole promoter of the Company and stay strategically invested in the Company.

PNB strongly believes in the growth story of the Company, and will continue to support its business and management in pursuing their growth plans. Further, PNB will continue to provide branding support as long as PNB remains the promoter of the Company.

Shares of PUNJAB NATIONAL BANK was last trading in BSE at Rs.82.1 as compared to the previous close of Rs. 82.75. The total number of shares traded during the day was 1355772 in over 3574 trades.

The stock hit an intraday high of Rs. 83.35 and intraday low of 81.75. The net turnover during the day was Rs. 111992711.


Source: Equity Bulls

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