December 18, 2018 / 1:41 PM / 5 months ago

U.S.-based Carlyle seeks to double stake in India's PNB Housing: report

FILE PHOTO: The logo of the Carlyle Group is displayed at the company's office in Tokyo, Japan October 17, 2018. REUTERS/Issei Kato/File Photo

(Reuters) - U.S-based private equity firm Carlyle Group LP (CG.O) is looking to double its stake in Indian housing finance company PNB Housing Finance Ltd (PNBH.NS), Bloomberg Quint reported on Tuesday, citing people familiar with the matter.

The Carlyle Group is considering buying Punjab National Bank’s (PNBK.NS) shares in PNB Housing, which would give it a controlling stake, the report added.

The U.S-based firm is keen on expanding its holding after valuations for the housing finance company turned attractive, the report said, citing people familiar with the matter.

Reuters had reported in July that Punjab National Bank and Carlyle Group were jointly looking to sell at least 51 percent of their stake in PNB Housing.

However, in November here, Carlyle Group withdrew from the joint sale, but Punjab National Bank said it would continue to independently pursue the stake sale through a bidding process.

As of Sept. 30, Carlyle Group had a 32.36 percent holding in PNB Housing, while Punjab National Bank owned 32.79 percent stake, as per data on Bombay Stock Exchange.

Discussions are at an early stage and may not result in a deal as others have also expressed interest in the stake, the report added.

Punjab National Bank, PNB Housing Finance and the Carlyle Group did not immediately respond to Reuters’ request for comment.

Reporting by Krishna V Kurup, Editing by Sherry Jacob-Phillips

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