PNB Housing Finance Limited has filed an appeal before the Securities Appellate Tribunal (SAT) against the Securities and Exchange Board of India (SEBI) order which had asked the company to put on hold its Rs 4,000 crore deal with a consortium led by the Carlyle Group.
“This is furtherance of the intimation made by the company on June 19, 2021 regarding a letter received from the Securities and Exchange Board of India on June 18, 2021. Please note that 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 Corporation informed Bombay Stock Exchange in a filing today.
Apart from Carlyle Group, the consortium also consists of HDFC Bank Managing Director and CEO Aditya Puri and private equity funds General Atlantic and Ares SSG.
SEBI has basically asked the company to undertake a valuation exercise as per the conditions of its Articles of Association prior to the deal.
Interestingly, SEBI’s order has come just when the Extraordinary General Meeting of the company is scheduled for June 22, where the share allotment deal is to be approved.