PNB Housing hits 5% lower circuit on calling-off Rs 4,000 cr Carlyle deal

The board of PNB Housing Finance has decided not to proceed with a preferential issue of shares to investors led by Carlyle after the plan was delayed due to pending legal proceedings.

Shares of PNB Housing Finance were locked at the 5 per cent lower circuit at Rs 607.10 on the BSE on Monday in an otherwise strong market, after the housing finance company called-off the Rs 4,000 crore deal with Carlyle-led group of investors.

The board of PNB Housing Finance decided not to proceed with a preferential issue of shares to investors led by Carlyle after the plan was delayed due to pending legal proceedings. The share subscription agreements executed with the proposed allottees have been terminated. Carlyle’s Pluto Investments will be initiating the process to withdraw the open offer