Securities Appellate Tribunal (SAT) to hear matter on PNB Housing's preferential issue next week

The Securities Appellate Tribunal (SAT) has adjourned its hearing on the matter of PNB Housing's proposed preferential issue worth Rs 4,000 crore to entities led by The Carlyle Group Inc for July 12, Monday.

The order in the matter was expected on July 5.

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

PNB Housing Finance had filed an appeal before the SAT against the capital market regulator SEBI's directive to halt the company's proposed preferential issue.

In a letter dated June 18, the Securities and Exchange Board of India (SEBI) directed PNB Housing Finance to stall the proposed preferential issue of shares to entities led by The Carlyle Group Inc. The regulator had asked PNB Housing to undertake the valuation of shares from an independent valuer before moving ahead with the issue.

Around 12.37 p.m., shares of the company on the BSE were at Rs 695.70, lower by Rs 6.70 or 0.95 per cent from its previous close.