You are here: Home » Companies » News
Business Standard

SC dismisses Sebi's appeal against SAT order: PNB Housing Finance

PNB Housing Finance stock was trading at Rs 520.60 apiece on BSE, down 4.99 per cent from previous close

Topics
Supreme Court | SEBI | PNB Housing Finance

Press Trust of India  |  New Delhi 

SUPREME COURT

on Thursday said that the has dismissed as "infructuous" the appeal filed by capital markets regulator against the Securities Appellate Tribunal's order in a matter related to its Rs 4,000-crore equity capital raise plan.

Last week, said that its board of directors have taken the decision to "not proceed with the preferential issue and terminate the share subscription agreements" with the proposed allottees.

Consequently, the appeal of Securities and Exchange Board of India (Sebi) before the Securities Appellate Tribunal (SAT) filed in June also became infructuous.

"Accordingly, the company has filed an application dated October 19, 2021 before SAT, seeking permission to withdraw the appeal," said in a regulatory filing on Thursday.

Further, the appeal by before the was listed for hearing on October 20, 2021.

"In view of the developments stated above, the SC dismissed the appeal filed by stating that the appeal has become infructuous due to subsequent developments," the company said in the regulatory filing.

On October 14, PNB Housing Finance informed about scrapping the Rs 4,000-crore share-sale plan to US-based private equity firm Carlyle Group and others.

The deal announced in May-end, soon got mired into legal hurdles on matters related to valuation of shares on the offer.

Sebi approached the last month against the SAT order in the matter as the Tribunal gave a split verdict.

Under the proposed deal, Pluto Investments S.a.r.l., a subsidiary of Carlyle, and Salisbury Investments Pvt Ltd were to acquire an equity stake in PNB Housing Finance.

The promoter Punjab National Bank holds a little over 32 per cent stake in PNB Housing Finance. Quality Investment Holdings (QIH), a unit of Carlyle Group, currently holds 32.15 per cent in PNB Housing Finance.

Salisbury is a non-banking finance company primarily engaged in the business of making investments in financial securities. It is a family investment vehicle of Aditya Puri, senior advisor for Carlyle in Asia and the former CEO and MD of HDFC Bank.

PNB Housing Finance stock was trading at Rs 520.60 apiece on BSE, down 4.99 per cent from previous close.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, October 21 2021. 13:49 IST
RECOMMENDED FOR YOU
.