SEBI directs PNB Housing Finance to halt fundraising plan
ECONOMY & POLICY

SEBI directs PNB Housing Finance to halt fundraising plan

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

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

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code