Carlyle’s Investment in PNB Housing Finance

Latham & Watkins advised Pluto Investments S.a.r.l., an affiliated entity of Carlyle Asia Partners IV, L.P. and Carlyle Asia Partners V, L.P. on the deal, while Khaitan & Co advised General Atlantic.

Pluto Investments S.a.r.l., an affiliated entity of Carlyle Asia Partners IV, L.P. and Carlyle Asia Partners V, L.P. (together, “Carlyle”), alongside AZB & Partners, executed a INR 4,000 crore investment in PNB Housing Finance Limited, one of the largest housing finance companies in India. The key objective of the capital raise is to augment capital adequacy, reduce gearing and accelerate growth with a focus on retail housing.

As part of this transaction, Salisbury Investments Pvt. Ltd., the family investment vehicle of Aditya Puri, Senior Advisor for Carlyle in Asia and the former CEO & Managing Director of HDFC Bank, will also invest in the capital raise. Aditya Puri is expected to be nominated to the PNB Housing Finance Board as a Carlyle nominee Director in due course.

Established in 1988, PNB Housing Finance is the fourth largest housing finance company in India in terms of Loan Assets (INR 62,255 crore as of March 31, 2021), and the second largest in deposits (INR 17,129 crore as of March 31, 2021). Carlyle has deep experience in investing in the financial services sector, both in India and globally, and said “the substantial additional investment reflects Carlyle’s strong commitment to India as a core market.”

The Latham deal team was led by Hong Kong partner Simon Cooke (Picture) with associate Bonnie Tse.

The Khaitan & Co team consisted of Aakash Choubey (Partner), Abhishek Dadoo (Partner) and Vivek Sriram (Partner) with assistance from Anisha Chand (Partner), Swati Bala (Principal Associate), Arvind Pillai (Associate), Siddharth Bagul (Associate).

Involved fees earner: Siddharth Bagul – Khaitan & Co.; Swati Bala – Khaitan & Co.; Anisha Chand – Khaitan & Co.; Aakash Choubey – Khaitan & Co.; Abhishek Dadoo – Khaitan & Co.; Arvind Pillai – Khaitan & Co.; Vivek Sriram – Khaitan & Co.; Simon Cooke – Latham & Watkins; Bonnie Tse – Latham & Watkins;

Law Firms: Khaitan & Co.; Latham & Watkins;

Clients: General Atlantic; The Carlyle Group;

Author: Federica Tiefenthaler