August 5, 2021 3:00:24 am
The Competition Commission of India (CCI) has accorded “deemed approval” to a proposal of Carlyle-backed Pluto Investments and Salisbury Investments to pick up a majority stake in PNB Housing Finance (PNBHF), even as the Securities Appellate Tribunal (SAT) is yet to deliver its judgment on the deal.
In a notice reviewed by FE, the CCI said: “The proposed combination involves Pluto and Salisbury acquiring up to approximately 56.29 per cent (assuming full tendering and acceptance in the mandatory open offer) and approximately 0.24 per cent of the post-preferential allotment equity share capital of PNBHF.”
While the deal value isn’t mentioned in the notice, PNBHF board had earlier approved a proposal to raise up to Rs 4,000 crore by issuing equity shares and convertible warrants to entities led by Carlyle group firms. In a statement, the Corporate Affairs Ministry said the CCI received a notice on the deal under the “Green Channel”. —FE
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