PNB Housing goes to SAT against market regulator's order on share transfer

SEBI has asked the company not to act on preferential allotment until an independent valuation of shares was done.

PNB Housing Finance (PNB HFC) has appealed against an order by India’s capital market regulator asking it to hold a proposal to get shareholders nod for issuing equity shares and warrants on preferential basis to a clutch of investors led by the Carlyle Group.

The company told BSE it has filed an appeal before the Securities Appellate Tribunal (SAT) against the letter issued by the Securities and Exchange Board of India (SEBI) on June 18. Its stock was down five per cent at Rs 702.4 per share on BSE.

SEBI had last week asked the company not to act on