PNB Housing at 5% UC

PNB Housing Finance, which has closed on Friday at Rs.499.80, opened itself today 5% higher at Rs.524.75, hitting the UC of the day on the back of a 3-times surge in volumes.

The stock is up on unconfirmed news that Baring Private Equity Asia has offered to buy Carlyle's stake in the company.

Carlyle wanted to buy a controlling stake in the company but that did not work out and it is now looking for an exit.

Currently, Carlyle owns 32.2% stake, while General Atlantic and SSG own about 10% each.