PNB Housing Finance, which had closed on Friday at Rs.739.55, opened today at Rs.702.40, its 5% LC where it remains frozen.
The stock is down with only sellers on the counter after SEBI restrained the company from going ahead with shareholders' voting on the proposed Rs 4,000 crore-deal with a consortium led by private equity giant Carlyle. The consortium includes former HDFC Bank MD and CEO Aditya Puri and private equity funds General Atlantic and Ares SSG.
SEBI said that the company’s notice for an EGM (Extraordinary General Meeting) scheduled for June 22 was not consistent with the firm’s articles of association. It directed the lender to undertake the valuation exercise based on the firm’ articles of association.
Following this, PNB Housing Finance has filed an appeal at the Securities Appellate Tribunal challenging the directions by SEBI.