PNB Housing Finance to raise Rs 35k cr after issues in Carlyle deal

12 Aug 2021 CW Team

The firm would ask shareholders permission in its annual general meeting (AGM) on 3 September 2021.

SAT gave a split verdict in the firm's appeal to the court related to the Rs 4,000 crore equity fund infusion managed by its current investor Carlyle group and others via preferred allocation of shares and warrants.

The company would have successfully raised the equity capital if it was not stuck into legal and regulatory hurdles.

On 31 May, the Carlyle-led deal was announced, where a clutch of investors, even the previous HDFC Bank MD & CEO Aditya Puri's family investment vehicle Salisbury Investments, was to infuse equity capital in PNB Housing.

But, soon, the deal got into a dispute after a representative advisory company raised concerns and said it would damage the interest of the minority shareholders and the promoter.

It said the issue price of Rs 390 apiece was too low concerning the prevailing stock price.

Afterwards, the Securities and Exchange Board of India (Sebi) asked the firm to arrange the valuation of the issue price done from an independent registered valuer. The firm reached out to the SAT in June, citing it followed the guidelines of Sebi on deciding on the price.

The company can't reveal the results of the shareholders voting that took place on June 22, as per the prevalence of interim order, to know if they cleared the proposal with a necessary majority or not.

For the last few years, the company has been looking to raise funds. Earlier this year, the Reserve Bank of India (RBI) prohibited PNB from infusing capital into its subsidiary.

Image Source

Also read: Carlyle Group and PNB Housing Finance deal gets CCI nod

Also read: RBI, SEBI to review PNB Housing Finance’s plan to raise Rs 4,000 cr

PNB Housing Finance is currently looking to raise Rs 35,000 crore debt after encountering legal difficulties in the Carlyle group deal a few days after Securities Appellate Tribunal (SAT) delivered a split decision in the matter. The firm would ask shareholders permission in its annual general meeting (AGM) on 3 September 2021. SAT gave a split verdict in the firm's appeal to the court related to the Rs 4,000 crore equity fund infusion managed by its current investor Carlyle group and others via preferred allocation of shares and warrants. The company would have successfully raised the equity capital if it was not stuck into legal and regulatory hurdles. On 31 May, the Carlyle-led deal was announced, where a clutch of investors, even the previous HDFC Bank MD & CEO Aditya Puri's family investment vehicle Salisbury Investments, was to infuse equity capital in PNB Housing. But, soon, the deal got into a dispute after a representative advisory company raised concerns and said it would damage the interest of the minority shareholders and the promoter. It said the issue price of Rs 390 apiece was too low concerning the prevailing stock price. Afterwards, the Securities and Exchange Board of India (Sebi) asked the firm to arrange the valuation of the issue price done from an independent registered valuer. The firm reached out to the SAT in June, citing it followed the guidelines of Sebi on deciding on the price. The company can't reveal the results of the shareholders voting that took place on June 22, as per the prevalence of interim order, to know if they cleared the proposal with a necessary majority or not. For the last few years, the company has been looking to raise funds. Earlier this year, the Reserve Bank of India (RBI) prohibited PNB from infusing capital into its subsidiary. Image Source Also read: Carlyle Group and PNB Housing Finance deal gets CCI nod Also read: RBI, SEBI to review PNB Housing Finance’s plan to raise Rs 4,000 cr

Infrastructure Transport

05 Nov 2025

Assam Seeks Rail Expansion To Boost Connectivity

Assam Chief Minister Himanta Biswa Sarma met Union Railway Minister Ashwini Vaishnaw in New Delhi on 2 November, urging for an expanded rail network across the state to strengthen both intra-state and international connectivity. The 25-minute meeting focused on proposals designed to improve transport infrastructure and economic integration in the region. Sarma requested the introduction of three new Amrit Bharat trains to and from Assam, aimed at enhancing passenger accessibility and supporting regional economic activity. Among his key proposals was a new railway line linking Umrangso in Dim..

Infrastructure Transport

05 Nov 2025

Thane Station To Get 15-Coach Trains By 2025

The Central Railway has announced a major expansion plan to ease the daily travel struggles of over 500,000 commuters at Thane railway station. By December 2025, platforms 2, 3, and 4 will be extended to accommodate 15-coach local trains, marking a significant upgrade in Mumbai’s suburban rail infrastructure and improving passenger comfort and safety. Thane station, a key interchange on the Central Line connecting Mumbai, Karjat, and Kasara, currently operates 12-coach trains that frequently run at full capacity. The extension will allow for longer trains, addressing chronic overcrowding du..

Infrastructure Energy

05 Nov 2025

IIT Bhilai Develops Smart Gel For Energy Saving And Power

As India advances toward its clean energy goals under the National Mission on Enhanced Energy Efficiency and the National Solar Mission, reducing electricity consumption in buildings and finding innovative green power solutions have become critical. A major portion of urban energy use comes from cooling systems, and continued reliance on fossil fuels adds pressure to the environment. To tackle this, a research team from the Indian Institute of Technology (IIT) Bhilai — comprising Nishikanta Singh, Durgesh Kumar Sinha, Koushik Mahata, Dillip Bhoi, Tejram Dewangan, and Katchala Nanaji, under ..