From correspondents in Maharashtra, India, 06:00 PM IST

State-owned Punjab National Bank Wednesday said it will sell 26 percent stake in its home loan arm PNB Housing Finance to Destimoney Enterprises, previously called Dawnay Day.

Dawnay Day was renamed Destimoney after growth capital firm New Silk Route bought out the original promoters of the company in 2008.

'Destimoney Enterprises also has an option to increase its shareholding in PNB Housing up to 49 percent by augmenting share capital of PNB Housing Finance,' said the bank in a regulatory statement.

(Staff Writer, © IANS)