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  • PNB Housing slumps after Carlyle deal collapses

    PNB Housing Finance was locked in a 5% lower circuit at Rs 607.10 after the housing finance company shelved its proposed Rs 4,000 crore preferential issue to private equity giant Carlyle Group citing delay due to pending legal proceedings.

    PNB Housing Finance, in a regulatory filing to the exchanges on Thursday, informed that it has decided not to proceed with the deal after the plan was delayed due to pending legal proceedings.

    The board of the housing finance company said that the proposed preferential issue has been held up for more than four months due to the pending legal proceeding before the Securities Appellate Tribunal. "There continues to be no visibility or certainty as to the timeline for judicial determination of the legal issues," PNB Housing said in the filing.

    On 31 May 2021, the board of the housing financier approved a capital raise of up to Rs 4,000 crore, led by entities affiliated to The Carlyle Group Inc. PNB Housing will raise Rs 3200 crore through preferential equity shares and Rs 800 crore through warrants. The issue price of equity shares and warrants is fixed at Rs 390 each.

    It soon hit a roadblock after a proxy advisory firm reportedly red flagged the preference issue, contending it was not in the interest of the promoter and the minority shareholders of the company. Soon, SEBI restrained the company from going ahead with its proposed share sale to the Carlyle Group.

    SEBI directed PNBHF to carry out the valuation process as per the relevant legal provisions. The market regulator said the resolution regarding the deal, which was to be put for shareholders' vote on 22 June 2021, was "ultra-vires" of the company's articles of association (AoA).

    In an exchange filing before market hours on 21 June 2021, PNB Housing Finance said that it had filed an appeal before SAT against the letter issued by SEBI.

    On the same day, in a separate filing, the company said that SAT has allowed the company to go ahead with the shareholders' meeting on 22 June 2021. “However, results of the shareholders' voting will not be disclosed till further directions from the tribunal,” it added. Pronouncing its order on 9 August 2021, the two-member bench of the SAT gave a split verdict, saying there was difference of opinion between the members of the bench. SAT directed that its interim order of 21 June 2021 will continue till further orders, restraining PNBHF from disclosing the voting results by the shareholders on the fund raise plan.

    Following the announcement of collapse of the deal, few brokerage houses have already cut ratings to 'sell' and reduced-price targets significantly owing to uncertainty regarding lack of growth capital, weak balance sheet and elevated non-performing assets.

    Carlyle arm Pluto Investments S.a.r.l and other investors will now withdraw the proposal to buy stake in the housing finance company. The company said it will evaluate other alternatives to raise capital.

    PNBHF is a deposit-accepting housing finance company, with second largest deposits outstanding within housing finance companies. The company provides housing loans to individuals for purchase, construction, repair, and upgrade of houses.

    The company reported on a 5.40% decline in consolidated net profit to Rs 243.28 crore on a 9.53% fall in net sales to Rs 1691.81 crore in Q1 FY22 over Q1 FY21.

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Flash News 02-Dec-2021
  •  ( 17:19) Anand Rathi Wealth IPO subscribed 1.60 times  
  •  ( 15:57) Mahindra Finance disbursements rise 14% YoY in November  
  •  ( 15:40) BDL inks Rs 471-cr deal with Indian Army  
  •  ( 15:22) HFCL appoints two industry leaders for its subsidiaries in US & Netherlands  
  •  ( 15:01) Skipper bags orders worth Rs 300 crore  
  •  ( 13:39) Benchmarks trade near day's high; The Nifty index re-claims 17,300 mark  
  •  ( 12:37) Oil & gas stocks rise for second day  
  •  ( 12:35) Indices trade with decent gains  
  •  ( 11:06) Lupin arm, TTP PLC sign deal to develop soft-mist inhalation tech platform  
  •  ( 11:06) Lupin arm, TTP PLC sign deal to develop soft-mist inhalation technology platform  
  •  ( 10:44) RattanIndia Ent. backed- Revolt Motors opens dealership store in Kolkata  
  •  ( 10:28) Maruti Suzuki November 2021 total production down 3% Y-o-Y to 1.45 units  
  •  ( 10:23) Globus Spirits wins tender for supplying ethanol to OMCs  
  •  ( 09:49) NMDC November 2021 iron ore production up 0.60% Y-o-Y to 3.34 MT  
  •  ( 09:29) Eicher Motors records 19% YoY drop in November motorcycle sales  
  •  ( 09:28) Hero MotoCorp sales drop 41% YoY in November  
  •  ( 09:28) Benchmarks drift higher in early trade  
  •  ( 09:18) Coal India November 2021 offtake nos. up 10.8% Y-o-Y to 56.8 MT  
  •  ( 08:56) JMC Projects (India) secures two orders in India worth Rs 1,795 cr  
  •  ( 08:29) US stocks end lower as Omicron and inflation worry investors  
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02 December 2021 00:00
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