Private Equity

Private Equity Fund Investments

Undone: PNB Housing terminates Rs.4,000-Cr fund raising deal with Carlyle

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Publicly listed PNB Housing Finance Ltd has terminated a INR 4,000 crore fund raising deal, originally announced in May with an investor group led by private equity major The Carlyle Group, citing legal issues and regulatory approvals. Carlyle unit Pluto Investments will consequently withdraw its open offer to the minority shareholders. Previously, markets regulator SEBI had asked PNB Housing to halt a preferential allotment of shares and warrants to Carlyle as well as the family investment firms of Aditya Puri, former MD & CEO of HDFC Bank (who had joined Carlyle as an advisor). Subsequently, PNB Housing had challenged the SEBI order at the Securities Appellate Tribunal