PNB terminates SPA entered with Varde

Punjab National Bank (PNB) and Varde Holdings Pte have mutually agreed to terminate the Share Purchase Agreement (SPA) and all rights and obligations of the parties. Post termination of the agreement, the bank will continue to be the sole promoter of the PNB Housing Finance (PNBHF) and stay strategically invested in the PNBHF.

Earlier, on March 29, 2019 the bank had entered into an SPA of 1,08,91,733 equity shares held in PNB Housing Finance (PNBHF) to Varde Holdings Pte at a per share price of Rs 850 aggregating to Rs 925.80 crore.

PNB is one of the oldest banks in India having a virtual presence in every important center of the country. The Bank caters to a wide variety of audience through spectrum of services including corporate and personal banking, industrial finance, agricultural finance and international finance.

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