The Carlyle Group’s proposal of investment of Rs 4,000 crore in PNB Housing Finance had been approved by the Competition Commission, which has made it the majority shareholder, Securities Appellate Tribunal is yet to give their judgment on the matter.
The PNB Housing’s share price jumped over 5 per cent upper circuit at Rs 720.45 on BSE after the news flashed over media.
The principal promoter of the mortgage lender, the board of PNB, had said to the home financier to consider repricing their initial transaction.
The PNB Housing has said that they would wait for the appellate court order on the matter and that SAT was yet to give their judgement after the hearing of both Sebi’s and PNB Housing’s counsel.
On May 31, the PNB Housing Board had approved placement of 82 million preferential equity shares and 20.5 million share warrants with Pluto investments, a Carlyle Group company, and Salisbury Investments.
The other proposed investors would be General Atlantic Singapore Fund FII Pte Ltd and Alpha Investments V Pte Ltd.
A capital infusion with 80 per cent contribution was led by Carlyle. The stock jumped to Rs 880 per piece within days of their announcement, the initial issue price of the deal was Ra 390 per share.
On June 18, in a letter to PNB Housing, Sebi had directed the home financier to check out the valuation of their business by an independent agency as they were going to seek for shareholders’ vote over the deal.
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