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PNB Housing shareholders approve board appointments
The voting numbers on the Carlyle resolution will be kept in a sealed cover until the Securities Appellate Tribunal delivers its final verdict on the fund-raising proposal, expected on July 5.
Shareholders of PNB Housing Finance Ltd voted in favour of appointing Hardayal Sharma as managing director and CEO and several other independent and non-executive directors including one from private equity firm Carlyle, the mortgage lender said in an exchange filing on Friday.
But it refused to disclose the voting numbers on a resolution proposing a ₹4,000 crore capital raise via a preferential allotment of shares to a clutch of investors led by Carlyle Group and the family investment firm of former HDFC Bank chief executive officer Aditya Puri, Salisbury investments Pvt. Ltd.
The voting numbers on the Carlyle resolution will be kept in a sealed cover until the Securities Appellate Tribunal delivers its final verdict on the fund-raising proposal, expected on July 5.
The Punjab National Bank subsidiary, which held its EGM on June 22, said the voting results for all other resolutions are being disclosed,
Apart from Sharma’s appointment, shareholders voted in favour of appointing Neeraj Madan Vyas as a non-executive non-independent director; Sudarshan Sen as an independent director; Kapil Modi as a non-executive nominee director; Chandrasekaran Ramakrishnan as an independent director for a second term of five years; Rajneesh Karnatak as a non-executive nominee director; Nilesh S. Vikamsey as an independent director for a second term; and Gita Nayyar as an independent director on the board of PNB Housing. Amid mounting controversy, investor complaints and scrutiny by the market regulator, PNB may have voted against the proposed fund-raise, Mint reported on June 22.
With a 32% holding as a promoter shareholder, PNB is capable of blocking any resolution, including the one on preferential allotment.
Since retail public shareholders hold merely 5.7% in PNB Housing, the parent company’s vote will be crucial for deciding the fate of the deal with Carlyle.
Mint had reported that the Securities and Exchange Board of India was scrutinising the proposed share sale by PNB Housing.
