NEW DELHI: PNB Housing Finance on Monday said its board has approved a proposal to increase to Rs 4,000 crore by issuing equity shares and convertible warrants to entities headed by Carlyle Group businesses.
PNB Housing Finance’s board has declared a capital increase of around Rs 4,000 crore, directed by entities connected to The Carlyle Group Inc,” the business stated in a regulatory filing.
The board gave a nod to issuing and allotment of these securities by means of preferential allotment to a private placement basis, subject to the consent of the shareholders of the business and of these regulatory/ governmental authorities as may be needed, ” it included.
The board has accepted a preferential allotment to a private placement basis, an aggregate of 8,20,51,281 equity stocks and 2,05,12,820 warrants exchangeable into equity shares at a cost of Rs 390 per share justify to Pluto Investments S.
a r.
l, Salisbury Investments Pvt Ltd, General Atlantic Singapore Fund FII Pte Ltd along with Alpha Investments V Pte.
Ltd in given proportions for money consideration aggregating to about Rs 4,000 crore, the business added.
PNB Housing Finance stated Pluto Investments, an affiliated entity of Carlyle Asia Partners IV, L.
P.
and Carlyle Asia Partners V, L.
P.
(collectively Carlyle) has agreed to spend around Rs 3,185 crore through a preferential allotment of equity shares and warrants at a cost of Rs 390 per share.
Current shareholders of the business, the capital handled by Ares SSG and General Atlantic will also be engaging in the capital increase, the business said.
PNB Housing Finance stated within the trade, Salisbury Investments, the property investment vehicle of Aditya Puri, senior adviser for Carlyle in Asia and also the former CEO and MD of HDFC Bank, will even spend.
Aditya Puri is anticipated to be nominated into the PNB Housing Finance Board as a Carlyle nominee Manager in due course, the business added.
PNB Housing Finance has implemented a share subscription agreement with all their proposed allottees — Pluto (Pluto SSA), General Atlantic Singapore Fund FII Pte Ltd, Alpha Investments V Pte.
Ltd along with Salisbury Investments Private Ltd.
.
PNB Housing Finance stated that this has also triggered a responsibility on Pluto along with Salisbury Investments to create an open offer to the investors of the business in light of the terms of the Securities and Exchange Board of India (Sebi).
Quality Investment Holdings of Carlyle Group (QIH) (i.
e.
that a individual acting in concert by Pluto) retains 5,41,92,300 equity shares of this firm at the date of the disclosure.
The two QIH and Pluto belong to the set of things doing business internationally as’The Carlyle Group’.
PNB Housing Finance Explained all QIH, Pluto and Salisbury Investments will soon be classified as a Member of their”promoter group” of the Business, after the conclusion of these trades under Pluto SSA along with Salisbury SSA, respectively.
Punjab National Bank will continue to be categorized as a member of their”promoter group” after the conclusion of the transaction.