Carlyle-led investment plan in PNB Housing unfair to stakeholders: SES

Governance watchdog recommends shareholders vote against the PNB Housing's board resolution approving preferential allotment.

The proposal by a clutch of investors led by Carlyle Group to infuse Rs 4,000 crore in PNB Housing Finance is against the interest of public shareholders of the mortgage lender, parent company Punjab National Bank (PNB) and the government, a governance watchdog has said.

PNB Housing’s board approved last week approved preferential allotment of Rs 3,200 crore worth of shares and Rs 800 crore worth of warrants to Carlyle, Aditya Puri’s family investment vehicle Salisbury Investments, General Atlantic and Alpha Investments at Rs 390 per apiece. Puri is an advisor at the Carlyle Group and before that he was