PNB may sell stake in housing finance company

By Accommodation Times Bureau

NEW DELHI

Punjab National Bank in a intend to recover bad loans, an official on Friday said that it has plans to raise Rs 13,000 crore via stake sale in housing finance arm by September end.

The Public Sector Undertaking lender holds 39.08% of stake in PNB Housing Finance and it plans to sell stake in it.

Through the IBC resolution process, the bank hopes to recover some of its bad loans and it’s planning to sell stake in the housing finance company, the official added.

It also plans to sell its asset at New Delhi.

PNB has recently gone through the fraud of USD 2 billion on its capital.

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