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

Next Story
Infrastructure Urban

Canal Water Boost for Mudki

In a significant push for public health and urban development, MLA Rajneesh Dahiya has announced a Rs.280 million canal water supply project for Mudki town in the Ferozepur Rural constituency. The initiative aims to provide clean drinking water to every household within Mudki’s municipal limits. Speaking about the development, Dahiya said the project falls under the Centre’s AMRUT (Atal Mission for Rejuvenation and Urban Transformation) scheme and is being carried out with the support of Punjab Chief Minister Bhagwant Singh Mann and Local Government Minister Dr. Inderbir Nijjar. “This ..

Next Story
Infrastructure Transport

6 Tunnel Boring Machines Idle in Chennai

Six tunnel boring machines (TBMs) deployed by the Chennai Metro Rail Limited (CMRL) are currently lying idle beneath city roads, stuck in limbo due to delayed construction of underground stations at Moolakadai, Perambur, and Mandaveli. The TBMs, launched as part of Corridor 3 of the Phase II Metro project from Madhavaram to SIPCOT, have reached their designated stations but are unable to proceed as the station boxes are incomplete. Without a completed diaphragm wall or station box, the machines cannot break through or be dismantled for reuse. According to CMRL officials, the root of the dela..

Next Story
Infrastructure Transport

Mumbai Metro 3 Nears Launch

The Mumbai Metro Rail Corporation shared a sneak peek of the newly completed Acharya Atre Chowk station on Metro Line 3 (Aqua Line) this Sunday, drawing both praise and impatience from the public. Located on the 9.77 km stretch between Bandra Kurla Complex (BKC) and Worli, the underground station is part of a long-anticipated corridor that promises to ease traffic and boost east-west connectivity. The social media update, posted by the handle @MumbaiMetro3, featured images of the station’s sleek new interiors. But the post quickly sparked a flurry of comments, with several users demanding c..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?