PNB Housing Finance and its parent company Punjab National Bank are on different pages regarding the preferential issue offered by the housing finance company valued at Rs 4,000 crore to entities run by The Carlyle Group Inc.
The Punjab National Bank, in a July 4 letter, said its board of directors believes that the board of directors of PNB Housing Finance should take notice of the SEBI order and reconsider the restructuring of the company. agreement in accordance with the directive of the regulator.
“Following the deliberations on the letter PNB, the board of directors of the company, by a majority resolution adopted on July 6, 2021, decided that the question in question being of interpretation of the law and falling under the securities (SAT), the board will await the order of the SAT on this issue, ”PNB Housing said Wednesday in a regulatory filing.
The board of directors of PNB Housing met on July 5 and 6 on the communication of the parent company.
The SAT will hear the next time on July 12.
PNB Housing Finance had filed an appeal with the appeal court against the directive of the capital market regulator SEBI to suspend the preferential issue proposed by the company.
In a letter dated June 18, the Securities and Exchange Board of India (SEBI) ordered PNB Housing Finance to block the proposed preferential issue of shares to entities led by The Carlyle Group Inc. It had asked PNB Housing to undertake the evaluation of the actions of an independent appraiser before going ahead with the problem.