PNB seeks clarity on housing fin arm's fund-raising
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New Delhi The board members of Punjab National Bank (PNB) including its independent directors may seek more clarity on the PNB Housing Finance fund raising deal.
The Rs 4,000 crore transfer of control deal in PNB Housing Finance to a private equity consortium led by Carlyle Group has faced opposition from proxy advisory firms and a section of PNB's minority shareholders feel that the entire deal was concluded in a non-transparent manner.
A senior executive of the public sector bank (PSB) confirmed that though there was no regulatory issues with the transaction, more clarity could be sought on the contours of the deal. PNB is expected to address some of the concerns raised on the deal at the shareholders meet scheduled next month.
"We don't see any serious issue involving the deal that followed the due process and proceeded after getting nod from both the market regulator SEBI and financial sector regular RBI. But more clarity could help to understand that the deal did not compromise the interests of PNB," said an official source.
