New Delhi, Jul 11: Punjab National Bank (PNB) and Carlyle Group plan to initiate the process to sell at least 51 per cent stake in the mortgage lender PNB Housing Finance, the state-run bank today said.

PNB owns 32.79 per cent stake and Carlyle Group, through its investment vehicle Quality Investment Holdings Quality Investment Holdings, owns 32.36 per cent of the paid up equity share capital of PNB Housing Finance.

"Punjab National Bank and Carlyle Group intend to jointly initiate a strategic stake sale process to offer minimum 51 per cent stake in PNB Housing Finance," PNB said in a regulatory filing.

In May this year, Quality Investment Holdings sold 4.8 per cent stake in PNB Housing Finance for Rs 1,024 crore through an open market transaction.

PNB Housing Finance, a subsidiary of PNB, claims to be the fifth largest housing finance company with the asset under management of Rs 62,252 crore as on March 31, 2018.

The company had registered a rise of 58 per cent in its net profit at Rs 829.41 crore in fiscal ended March 2018. Total income during the year stood at Rs 5,516.96 crore.

PNB Housing had disbursed Rs 33,195 crore loans during 2017-18, an increase of 61 per cent over the preceding fiscal year. Its asset under management stood at Rs 62,252 crore as on March 31, 2018.