General Atlantic Group and Varde Partners’ $268 Million Acquisition of 6.6% Stake in Punjab National Bank


Khaitan & Co acted as Transaction counsel to PNB on the deal

General Atlantic and Värde Partners have agreed to buy a 13.1% stake in PNB Housing Finance Ltd for Rs 1,851.6 crore ($268 million).

PNB has entered into agreements to sell 10,891, 733 shares to General Atlantic Group and 10,891,733 shares to Värde Partners at a price of Rs 850 per share, said the company in a regulatory filing.

PNB Housing shares jumped 2.9 pecent to Rs 850 per share, while PNB shares rose 2.2 percent to Rs 97.5 per share on the NSE following the announcement.

Post the transactions, PNB will hold a stake of 19.78 percent in PNB Housing.

Khaitan & Co acted as Transaction counsel to PNB with a team including Vineet Shingal (Picture), Radhika Agarwal, Shreya Dua, Gautam Suseel, Amulya Sharma (Corporate), Arindam Ghosh and Sudhir Bassi (Capital Markets), Shailendra Bhandare and Sourav Dan (Intellectual Property).

Involved fees earner: Sudhir Bassi – Khaitan & Co.; Shailendra Bhandare – Khaitan & Co.; Arindam Ghosh – Khaitan & Co.; Vineet Shingal – Khaitan & Co.;

Law Firms: Khaitan & Co.;

Clients: Punjab National Bank;

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Author: Michael Patrini