PNB Housing-Carlyle deal issue to be heard
The SAT will hear the case related to the PNB Housing-Carlyle deal on Monday. The order, which was expected on the 5th of July, was postponed to the 12th. An appeal was filed by PNB against SEBI, who had requested PNB not to go ahead with the deal. SAT had requested to adjourn the hearing on %th and move it to another date.
According to the deal announced earlier, the US-based Carlyle, along with other investors, had decided to infuse Rs 4,000 crore capital into the Housing. But this deal came under the scanner of the regulating authorities and hence was directed to carry out a valuation of shares under given legal provisions.
Punjab National Bank, on the other hand, claims to have undergone all legal guidelines set by SEBI and followed the same to set the issue price at Rs 390 apiece. The company traded at Rs 695.35 apiece at BSE, 1 per cent lesser than its last close.