PNB Housing Finance on Wednesday said its promoter Punjab National Bank has asked it to consider restructuring the proposed Rs 4,000 crore capital infusion deal led by US-based Carlyle group.
The housing financier also said it will await the Securities Appellate Tribunal's order on the issue before taking a final decision.
PNB Housing Finance said it received a letter from PNB on July 4 and subsequent to that the board of the company met on July 5 and 6, 2021.
"The PNB letter had conveyed a decision taken by the board of directors of PNB at their meeting held on July 3, 2021," PNB Housing Finance said in a regulatory filing.
The state-owned lender took a legal opinion from a law firm and deliberated the matter in its board meeting, it said.
The letter from the bank said "the board of directors of the company should take cognizance of the directive issued by Sebi vide their letter dated June 18, 2021 and reconsider restructuring the contours of the deal/transaction of the capital raising in line with such Sebi directive," PNB Housing said in the filing.
Sebi had asked the company for revaluation of the issue price for the Rs 4,000 crore preference shares and warrants to be issued to the proposed investors at Rs 390 a piece.
The deal was announced on May 31, 2021.
However, the company had moved the Securities Appellate Tribunal (SAT) after the Sebi letter. The matter is scheduled for hearing on Monday, July 12.
Following PNB's letter, the board of the housing finance firm, by a majority resolution passed on July 6, decided that since the issue relates to interpretation of law and is sub-judice before the Securities Appellate Tribunal, it will await SAT's order on the matter.
The order in the matter was expected to come on July 5. However, the company sought the same to be heard next week.
PNB Housing Finance stock closed at Rs 686.25 apiece on BSE, down 1.14 per cent from the previous close.
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