SAT order on Carlyle deal triggers move
PNB Housing Finance is now looking to raise ₹35,000 crore debt, after facing legal hurdles in the Carlyle group deal, days after SAT gave a split verdict in the matter.
The company will seek shareholders’ nod at its annual general meeting (AGM) on September 3, PNB Housing Finance said in a regulatory filing on Wednesday.
The company said it will seek shareholders’ approval for further fund raising by way of debt issue.
“Shareholders’ approval is being sought in the 33rd AGM for further fund raising by way of debt issue and the shareholders are being requested to authorise the board of directors to offer, from time to time, the subscription of redeemable, secured/unsecured non-convertible debentures aggregating to ₹35,000 crore in one or more tranches,” it said in the filing.
On Monday, the Securities Appellate Tribunal (SAT) gave a split verdict in the firm’s appeal to the court in the matter related to ₹4,000 crore equity-fund infusion led by its existing investor Carlyle group and others through preferential allotment of shares and warrants.
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