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

16 Jun 2021 CW Team

PNB Housing Finance has cleared a proposal to raise Rs 4,000 crore by allotting preference shares and convertible warrants to Carlyle Group firms and other entities.

Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI) will look into the different regulatory issues related to the Rs 4,000 crore investment by the US-based private firm Carlyle and others in PNB Housing Finance.

According to the media, RBI and SEBI will review the concerns of minority shareholders, corporate governance, and other regulatory aspects.

At present, PNB as a promoter contains a 32.64% stake in PNB Housing Finance.

An Extraordinary General Meeting (EGM) is scheduled for June 22 to seek shareholder approval for the preferential issuing of shares based on a private placement to Carlyle and other entities, besides other offers.

The proposal is to allocate a complete total of 8,20,51,281 equity shares and 2,05,12,820 exchangeable warrants into equity shares for Rs 390 per share or warrant to Pluto Investments S.a r.l, Salisbury Investments Pvt Ltd, Alpha Investments V Pte. Ltd and General Atlantic Singapore Fund FII Pte Ltd in specified proportions.

The allotment of these securities would be for a cash consideration aggregating to about Rs 4,000 crore.

Carlyle Asia Partners V, L.P. (together Carlyle) and Pluto Investments, an affiliated entity of Carlyle Asia Partners IV L.P., have agreed to invest over Rs 3,185 crore in PNB Housing Finance.

Moreover, existing shareholders of the company, the funds controlled by General Atlantic and Ares SSG, will be participating in the capital raise, with Salisbury Investments, the family investment vehicle of Aditya Puri, Senior Advisor for Carlyle in Asia. He is also the former CEO and the MD of HDFC Bank.

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Also read: PNB Housing set to raise around Rs 4,000 cr from Carlyle, others

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