PNB sells stakes worth Rs. 109 crore in ICRA

After suffering from a huge set back from the Nirav Modi scam, the government-owned Punjab National Bank is aiming to divest its stake in various entities. On Thursday, the bank sold 3,30,000 shares in rating agency (Information and Credit Rating Agency of India) at an average selling price of Rs. 3,291 per share which translates to approximately Rs. 108.6 crore. The transaction was done through the open market.

The shareholding pattern of ICRA, as of the end of March, showed that Punjab National Bank was holding almost 3,40,000shares, which represents almost 3.43 per cent stake.

Moreover, there is a buzz in the market that Punjab National Bank may sell its stake in PNB Housing Finance as well. As of the end of March, the bank owns 3,31,31,374 shares which represent almost 32.96 per cent stake in PNB Housing Finance.

The scam hit bank is trying to sell its non-core asset to raise additional funds, the board has also approved stake sales in CRISIL and BSE Limited.