Investment firm New Silk Route to exit out of a multi-million deal
Baring Asia and Singapore’s GIC are said to be in talks to invest about $175 million to buy 49 % stake in PNB Housing Finance. Now it is held by investment firm New Silk Route.
It is expected that the deal could be finalised in about a monthif talks succeed. The negotiations are still private and most of the details have not been told to the media.PNB Housing Finance is a domestic mortgage-lending unit of the state-run Punjab National Bank. PNB Housing Finance will hold the remaining 51 % stake.
New Silk Route is in talks with multiple parties as they want to exit from the investment after reaping handsome benefits. These talks include the talks with Baring Asia, for the exit. Baring Private Equity Asia and New Silk Route Growth Capital declined to comment.
GIC did not immediately respond to a query raised by new agency Reuters. New Silk Route first invested in the mortgage lender in 2009 by picking up a 26 % stake, and it later increased the holding to 49 %. It is estimated that New Silk Route’s two-tranche investment is at 2 billion Indian rupees ($32.62 million). We will have to wait to see the final outcome of the entire procedure. This deal seems to be a win-win deal for all the parties involved.
Source- The Financial Express
invest about $175 million, Investment firm New Silk Route, new agency Reuters, New Silk Route, PNB Housing Finance
