“All said and done, PNB Housing Finance needs an urgent round of equity, and internally for Carlyle, it boils down to one fund bailing out the other," the second person said. On 31 May, a clutch of investors led by Carlyle Group announced an investment of ₹4,000 crore in PNB Housing Finance. The investment is crucial for PNB Housing, whose business was impacted by the liquidity crunch that hit non-bank lenders following the collapse of IL&FS in September 2018. Shares of PNB Housing are trading at less than half of their lifetime high of ₹1,715.3 in August 2017. SES also highlighted that Punjab National Bank agreed to cede control of its mortgage unit to the Carlyle Group without seeking a higher share price.

Source: Mint July 22, 2021 19:18 UTC