BUSINESS

PNB Housing Hits 5% Lower Circuit

Shares of PNB Housing Finance were locked at the 5 per cent lower circuit at Rs 607.10 on the Bombay Stock Exchange (BSE) in an otherwise firm 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 for PNB Housing made at Rs 403.22 per share.

With today’s fall, the share price of PNB Housing Finance has slipped 34 per cent from its 52-week high level of Rs 924 touched on June 8, 2021. Till 10:51 am, a combined 48,073 equity shares had changed hands, and there were pending sell orders for 762,806 shares on the NSE and BSE. In comparison the S&P BSE Sensex was up 0.85 per cent at 61,830.

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