Tribunal to hear PNB Housing-Carlyle case next week

The Securities Appellate Tribunal (SAT) will hear the case related to the PNB Housing Finance-Carlyle deal next Monday.

The order in the matter was expected on July 5, however, it was adjourned for July 12.

PNB Housing had filed an appeal before the SAT against the letter issued by the Securities and Exchange Board of India last month, requesting it not to go ahead with the proposal until due diligence was done.

"As sought by the company, the Securities Appellate Tribunal, in its hearing on July 5, 2021, adjourned the case for Monday, July 12, 2021," PNB Housing Finance said in a regulatory filing on Tuesday.

Under the deal announced on May 31, the US-based Carlyle, alongside other investors, is slated to infuse Rs 4,000 crore capital into PNB Housing through the issuance of preference shares and warrants.

However, the deal has come under the scanner of the regulator.

The company was directed to carry out the valuation process of shares as per the relevant legal provisions.

PNB Housing contended that it has followed Sebi norms in deciding the issue price at Rs 390 apiece.