PNB Housing Finance challenges SEBI’s order, it is a case of Rs 4000 crore deal

PNB Housing Finance has appealed to the Securities Appellate Tribunal (SAT) against SEBI’s order restraining the market maker from going ahead with the shareholders’ vote in the proposed Rs 4,000-crore deal with the Carlyle Group. The regulator had directed the company to complete the process of valuation under relevant legal provisions.

Shareholders’ vote to resolve the deal was to be held on June 22. The regulator said that this is out of the constitution of the company. PNB Housing Finance told the stock exchanges on Monday that it has filed an appeal before the Securities Appellate Tribunal against the letter dated June 18, 2021, issued by SEBI.
On May 31, a group of investors led by private equity firm Carlyle Group had announced an investment of Rs 4,000 crore in PNB Housing. Under this, Carlyle Group company Pluto Investments will invest Rs 3185 crore in the company through allotment of preference shares.