PNB sells stake worth Rs 109 cr in Icra

28 June 2018, 07:56 PM
The shedding of stake in non-core assets is part of PNB’s reforms agenda adopted in January this year
The shedding of stake in non-core assets is part of PNB’s reforms agenda adopted in January this year

State-owned Punjab National Bank (PNB) on Thursday sold 3.33 per cent stake in rating agency Icra for nearly Rs 109 crore, through open market transactions.

Earlier this month, the bank had announced that it would divest stake in its subsidiary PNB Housing Finance and other entities like BSE, Icra and Crisil depending on the market conditions.

The shedding of stake in non-core assets is part of PNB’s reforms agenda adopted in January this year.

According to the block deal data available with the BSE, PNB disposed of 3.30 lakh shares, amounting to 3.33 per cent stake in Icra.

The shares were offloaded at an average price of Rs 3,291, translating into a transaction of Rs 108.60 crore.

All the shares were bought by IIFL Management Services.

The state-owned bank had reduced its stake in Icra by 1.94 per cent in the last 10 years during the period from July 2008 to March 2018 through open market transactions.

At the end of March quarter, PNB held 3.40 lakh shares or 3.43 per cent stake in the rating agency.

The bulk deal data available with the BSE and NSE also showed that Societe Generale sold nearly 3.69 lakh shares, amounting to 1.21 per cent stake in Indian Energy Exchange for a total of Rs 58.46 crore.

At both the exchanges, the shares were disposed of for Rs 1,586 apiece. 

First Published: Thursday, June 28, 2018 07:53 PM

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