SEBI directs PNB Housing Finance to halt fundraising plan

21 Jun 2021 CW Team

India’s capital market regulator directed Punjab National Bank Housing Finance to halt its proposed fund-raising plan by a group of investors led by Carlyle Group Income.

According to a stock exchange filing on Saturday, the Securities and Exchange Board of India (SEBI) said that PNB Housing’s plan to issue securities through preferential allotment on a private placement basis shouldn’t be carried out until it undertakes the valuation of shares by an independent registered valuer.

Shares of PNB housing fell after the order of India’s capital market regulator.

PNB housing said that the company has filed an appeal before the Securities Appellate Tribunal against the letter issued by the Securities and Exchange Board of India on June 18, 2021.

PNB housing finance said it has acted in compliance with all appropriate applicable laws and is evaluating steps further.

The housing company further added that the independent valuer’s report shall be considered by the company’s board while deciding on the preferential issue of shares and warrants.

According to a media report, the SEBI was investigating the investment plan after proxy advisory firm Stakeholders Empowerment Services (SES) explained the proposed deal as unfair for PNB Housing minority shareholders. The mortgage lender could have raised funds by a rights issue.

Image Source

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

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

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..