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.

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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

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