Shares of PNB Housing Finance Ltd. surged 10.25% on Wednesday after a large trade. A least 1.39 crore shares, or 5% equity, in the company changed hands on Aug. 21 on the BSE, according to Bloomberg.
Buyers and sellers were not known immediately.
Earlier on Tuesday, General Atlantic Ltd. reported a broader plan to divest its entire stake in PNB Housing Finance. The US-based firm informed that it intends to sell shares worth approximately Rs 1,033 crore. General Atlantic Singapore Fund FII Pte was offering 1.33 crore shares at a floor price of Rs 775 each, which was a 4.4% discount to Tuesday’s closing price of Rs 810.9 per share on the NSE.
IIFL Securities Ltd. was to manage the share sale, which marks a strategic move by General Atlantic to liquidate its holding in the housing finance company. As of June, General Atlantic Singapore Fund held a 5.13% stake in PNB Housing Finance.