The Securities and Exchange Board of India (Sebi) has asked PNB Housing Finance Ltd (PNB HFC) to keep on hold a proposal to seek shareholders nod for preferential allotment of its equity shares until it does independent valuation of shares.
The housing finance company plans to issue shares and warrants on a preferential basis to private equity firm Carlyle Group and associates who seek to invest Rs 4,000 crore to acquire a controlling stake of over 50 per cent in the Delhi-based mortgage lender. It is holding extraordinary general meeting of shareholders on June 22, 2021 to consider preferential allotment (shares and warrants). The price for proposed issue of equity shares and convertible warrants is Rs 390 a piece. On Friday its shares closed 1-4 per cent lower at Rs 739.35 per share on BSE.
In a communication to the housing finance firm, Sebi said the resolution on the issue of securities and related matters was ultra-vires of the firm’s Articles of Association. The resolution shall not be acted upon until the company undertakes the valuation of shares (for preferential allotment), from an independent registered valuer.
