PNB examining proxy advisor's concern on deal with Carlyle Group

The deal has split proxy advisory firms, which expressed divergent views on the proposed infusion in PNB Housing

Punjab National Bank (PNB) is examining the concerns raised by a proxy advisory firm regarding the sale of stake in PNB Housing Finance to a clutch of investors led by Carlyle Group, and is expected to address these issues at the shareholders meeting scheduled for next month, said a government official.

Governance watchdog Stakeholders Empowerment Services (SES), in a report, said the mortgage lender’s decision to preferentially allot Rs 3,200 crore worth of shares and Rs 800 crore worth of warrants to Carlyle, former HDFC Bank chief executive officer Aditya Puri’s family investment vehicle Salisbury Investments, General Atlantic, and Alpha Investments