PNB asks housing finance arm to restructure Carlyle rupee 4,000 crore deal, Real Estate News, ET RealEstate

NEW DELHI: PNB Housing Finance said on Wednesday that its promoter Punjab National Bank had asked it to consider restructuring the proposed Rs 4,000 crore capital injection deal led by US group Carlyle. The housing financier also said it would wait for the securities appeal court order on the matter before making a final decision.

PNB Housing Finance reported that it received a letter from PNB on July 4 and subsequently the board of directors of the company met on July 5 and 6, 2021.

“PNB’s letter conveyed a decision taken by PNB’s board of directors at its July 3, 2021 meeting,” PNB Housing Finance said in a regulatory filing.

The public lender took legal advice from a law firm and deliberated on the matter at its board meeting, he said.

The letter from the bank stated that “the board of directors of the company should take cognizance of the directive issued by Sebi in its letter of June 18, 2021 and reconsider the restructuring of the outlines of the capital raising agreement / transaction in accordance with to this Sebi. directive, ”PNB Housing said on file.

Sebi had asked the company to reassess the issue price of the preferred shares of Rs 4,000 crore and warrants to be issued to investors offered at Rs 390 each.

The deal was announced on May 31, 2021.

However, the company had moved the Securities Appellate Tribunal (SAT) after the Sebi letter. The case is due to be heard on Monday July 12.

Following the letter from PNB, the board of directors of the housing finance company, by a majority resolution adopted on July 6, decided that, since the issue concerns the interpretation of the law and is pending before the court securities appeal, he will wait for the SAT order on the matter. .

The order in this matter was due to be issued on July 5. However, the company requested that she be heard next week.

PNB Housing Finance stock closed at Rs 686.25 versus BSE, down 1.14% from the previous close.