Firm proposed to raise ₹40 billion
Shares of PNB Housing Finance Ltd. fell 5% on Monday to their lowest since early June after the mortgage lender scrapped a fund-raising deal with a group of investors, led by private-equity firm Carlyle Group.
PNB Housing Finance said Thursday that it had ended the deal, which was announced in May to issue shares worth ₹40 billion to Carlyle-led investors, after a long legal battle with the Securities and Exchange Board of India (SEBI).
The deal had been challenged by the SEBI following an institutional investment advisory firm’s statement that the deal was unfair to minority shareholders.
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