Punjab National Bank (PNB) MD S Mallikarjuna Rao has responded to the controversial PNB Housing Finance deal. He said there was nothing wrong with the decision of the PNB housing agreement. According to Rao, the next step in this regard depends on the order of the Securities Appellate Tribunal (SAT). Let us say that PNB currently owns 32.6% of Housing Finance Company.
What’s the matter: In fact, there is an agreement between PNB Housing Finance and the Carlyle Group of America. SEBI has blocked the deal. PNB Housing had filed an appeal in the SAT against SEBI’s order. PATB Housing Finance – SAT reserves its mandate after hearing all parties involved in Carlyle Deal.
What’s the problem: SEBI and the Reserve Bank of India are keeping an eye on the deal, which has raised concerns from some areas, including a proxy consulting firm. Under the agreement, Carlyle Group will take control of PNB Housing Finance, a subsidiary of Punjab National Bank. The deal is worth about Rs 4,000 crore.
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Share price of PNB Real Estate: In Tuesday trading, PNB Housing’s share price closed at Rs 686.15 with a gain of nearly 1%. The company’s stock has surged since May. This is one of the main reasons for SEBI to block the deal between PNB Housing and Carlyle Group. SEBI also did not allow a board meeting but the SAT decision was reversed.