PNB housing & Carlyle Deal Blocked by SEBI, kya ho gaya?

PNB housing shares ke saath kuch interesting hua pichle 1 mahine me. 28 may ko 438 rs/share me trend karne waali PNB housing ke shares, june ke 1st week me 880 ke paar pahuch gayi. Is time pe aisa kya hua hoga? 31st may ko khabar ye aayi ki PNB housing apna 28% stake sale kar raha hai US Equity PE firm Carlyle ko, aur uske leadership me 3 aur group hai, general Atlantic, Ares SSG, and Aditya Puri, jo HDFC ke MD and Founder reh chuke hai. Is deal ka valuation 4000 Crore tha. Iske baad PNB housing ke shares ne jump maar diya, aur fir khabar ye aayi ke SEBI probe karne waala hai is deal ko lekar, aur fir jo hona tha wohi hua, desh ki janta ka emotions ne apne honsle tod diye, shares dheere dheere niche jaane laga, aur fir aaj jake news ye aaya ki ye deal block kar di gayi hai. Aur Shares pe lower circuit lag gaya. Main aaj ke is chote video me bataunga ke kya hai SEBI ka point, kyun deal ko block kar rahi hai?

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Deal Kya tha

Deal tha PNB housing ke 28% stake sale ka, isme jo group interested tha uska leader hai Carlyle, US based PE firm. Isko chor kar Aditya Puri, MD of HDFC bank India, General Atlantic, aur Ares SSg bhi is deal me involved the. Isi deal ko lekar jab SEBI ki taraf se probe ki baat ki jaa rahi thi, tabhi ek Extraordinary General Meeting organize kiya gaya tha PNB housing ke board ke taraf se, to finalize the issuance of the shares. Ye EGM hona tha 22nd June ko, lekin is beech SEBI ne deal ko block kar diya, aur yahi reason hai lower circuit lagne ka

 

Deal Kun Block kiya gaya

SEBI ka kehna hai ki deal me PNB housing ke shares ke valuation ko lekar problems hai. Article of Association act ke 19(2) point ke hisaab se koi bhi company jab apne shares ko kisi aur ko share karti hai, matlab stake sale, tab usko ek independent and neutral valuation figure ke zariye neutral valuation figure dikhana padta hai. Is case me aisa nahi hua hai, PNB housing ne khud hi apna valuation fix kiya hai aur wo shares ko allocate kar rahe the. Isi liye is deal ko SEBI ne temporarily block kiya hai. Temporarily matlab, agar PNB Housing ek neutral evaluator se apne 28% stake ka valuation karati hai, fir sale, ke liye aage badhti hai to fir SEBI ko koi objection nahi hoga.

 

PNB housing kya karega ab?

 

Securities Appellate Tribunal yaani SAT me PNB housing ne petition daal diya hai ki is deal ko block nahi karna chahiye. Unconfirmed sources ke taraf se aisa kaha gaya hai ki SEBI ke stake sale ke saare acts ko follow karke hi sale kiya jaa raha tha, lekin fir bhi SEBI ke is matter me haath daalne se galat example set kiya jaa raha hai aisa kehna hai kuch logon ka

 

Kya Impact hoga is ka?

Ye poora khel tab shuru hua jab SEBI ke ex ED J.N.Gupta ne apne proxy firm Stakeholders Empowerment Services (SES) ke zariye is deal pe question kiya. Unke questiong ka reason kuch aise the

 

1. Shares allocation me preferential treatment diya gaya hai
2. Shares ke book value se bhi niche valuation kiya gaya hai
3. PNB housing ke minority shareholders ke liye ye ek bura deal hai
4. Agar paisa raise karna tha to fir rights issue ke zariye karna sabse sahi kaam hota, naki company shares ko bech kar

Basically hint ye diya gaya hai ki kuch preferential treatment aisa hua hai is deal me jiske wajah se ye deal sahi nahi hai. Isi wajah se SEBI ne ye deal ke upar probe shuru kiya hai

 

PNB housing ka defence

PNB housing ke taraf se kehna ye hai ki koi third party valuator ki zaroorat is deal me nahi hai. Shares ke prices ko floor value se zyada rakh ke hi 4000 Crore ka amount fix kiya gaya hai.

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According to the company, Sebi’s ICDR (Issue of capital and disclosure requirements) norms provide for the minimum price of equity shares. "The company calculated the floor price as prescribed by SEBI and the issue price of Rs 390 per share is above the floor price of Rs 384.6 per share. The company as a prudent measure has also taken a valuation report from an independent CA firm basis the relevant regulations and guidelines. Hence, the company has followed all the regulatory compliances to determine the issue price

 

Ye PNB ke taraf se official response hai. Khel to abhi bas shuru hua hai, aage dekhna ye hai ki uske peeche aur kya hota hai, filhaal jab tak ye issue resolve nahi hoga, tab tak inke shares ka haal theek hona difficult dikh raha hai.