The letter from the bank said “the board of directors of the company should take cognizance of the directive issued by Sebi vide their letter dated June 18, 2021 and reconsider restructuring the contours of the deal/transaction of the capital raising in line with such Sebi directive,” PNB Housing said in the filing.
PNB Housing Finance has filed an appeal at the Securities Appellate Tribunal
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PNB Housing Finance share price jumped 5 percent at open on July 8 after Punjab National Bank asked its housing finance arm to restructure Rs 4,000-crore capital infusion deal with Carlyle.
PNB Housing Finance on Wednesday said its promoter Punjab National Bank has asked it to consider restructuring the proposed Rs 4,000 crore capital infusion deal led by US-based Carlyle group.
The housing financier also said it will await the Securities Appellate Tribunal’s order on the issue before taking a final decision.
Also Read: SAT to hear matter on PNB Housing-Carlyle deal next week
PNB Housing Finance said it received a letter from PNB on July 4 and subsequent to that the board of the company met on July 5 and 6, 2021.
“The PNB letter had conveyed a decision taken by the board of directors of PNB at their meeting held on July 3, 2021,” PNB Housing Finance said in a regulatory filing.
The stock was trading at Rs 720.00, up Rs 33.75, or 4.92 percent. It has touched an intraday high of Rs 720.55 and an intraday low of Rs 687. There were pending buy orders of 657 shares, with no sellers available.
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The letter from the bank said “the board of directors of the company should take cognizance of the directive issued by Sebi vide their letter dated June 18, 2021 and reconsider restructuring the contours of the deal/transaction of the capital raising in line with such Sebi directive,” PNB Housing said in the filing.
Sebi had asked the company for revaluation of the issue price for the Rs 4,000 crore preference shares and warrants to be issued to the proposed investors at Rs 390 a piece.
The Securities Appellate Tribunal (SAT) will hear the case related to the PNB Housing Finance-Carlyle deal next Monday. The order in the matter was expected on July 5, however, it was adjourned for July 12.
PNB Housing had filed an appeal before the SAT against the letter issued by the Securities and Exchange Board of India last month, requesting it not to go ahead with the proposal until due diligence was done.
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