PNB Housing Finance Latest News: Company EGM on 22nd June to go as per plan - What all has happened; get FULL CHRONOLOGY here

The Extraordinary General Meeting (EGM) of the PNB Housing Finance Company on Tuesday is expected to go as per the plan. The company has got a relief with the Securities Appellate Tribunal (SAT) allowing the mortgage lender to seek vote from shareholders on the Rs 4000 crore capital deal with the American private equity player Carlyle. Zee Business’ Brajesh Kumar brings the full story!  

-- PNB Housing Finance Company has received an interim relief from the appellate tribunal.  

-- SAT has allowed PNB Housing to conduct its EGM 

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-- The meeting which was scheduled for 22 June is likley to go as per the plan 

-- The results of the EGM will not be declared till further orders from the appellate tribunal 

-- SAT has sought a response from Sebi (Securities and Exchange Board of India) by 26 June 

-- The case comes for next hearing before the SAT on 5 July 

-- Sebi had written to PNB Housing on Friday asking the company to undertake an independent share valuation exercise inline with the terms if Articles of Association (AoA) 

-- Sebi directed PNB Housing to not proceed till the independent valuation is complete

 PNB Housing Finance – What is the issue all about?  

-- There is a proposal to allot preferecial shares to private equity firm Carlyle 

-- The company intends to raise funds worth Rs 4,000 cr through preferncial allotment of shares. 

-- Sebi has raised issues related to manner in which money is being raised along with the valuation of the shares. 

-- Sebi has raised questions over the pricing of preferntial shares which is below the book value 

-- Book value of share is at Rs 540 while the preferncial share price is Rs 390. 

Stocks of PNB Housing today ended at Rs 700.95 on the NSE, down by almost 5 per cent from the previous closing price.