PNB Housing Finance has reached the Securities Appellate Tribunal (SAT) to register an appeal against SEBI who halted its ₹4,000-crore capital raise plan led by Carlyle group.
On June 18, Securities and Exchange Board of India (Sebi) had written a letter to the company asking it to ensure compliance before going ahead with the proposal.
Regulatory Filing read as
“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.”
The firm’s capital raise plan through issuance of preference shares and warrants has come under the scanner, with concerns raised about hurting interest of minority shareholders as well as the issue price being fixed much lower than the prevailing market price of the stock.
The company has fixed the issue price for the proposed fund raise at ₹390 a piece.
The company’s EGM is scheduled for June 22 to seek shareholders approval for the proposal among others.
Impact on Stock Market
PNB Housing Finance stock traded 5 per cent lower at ₹702.40 a piece in early morning trade on BSE.
The scrip opened at Rs702.40 and has touched a high and low of Rs702.40 and Rs702.40 respectively.
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