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#PNBHousing #PNB
1/N
Today's announcement abt proposed Caryle led 4K cr investment in the co is against minority shareholders
As a background PNB and Carlyle both owns ~1/3 of the co. and ~10% by GA. (~25% by rest of the public)
FY21 Results for co
pnbhousing.com/wp-content/upl…
1/N
Today's announcement abt proposed Caryle led 4K cr investment in the co is against minority shareholders
As a background PNB and Carlyle both owns ~1/3 of the co. and ~10% by GA. (~25% by rest of the public)
FY21 Results for co
pnbhousing.com/wp-content/upl…
2/N
Above results and management con call confirmed that there was no extraordinary stress with the co. Infact it was profitable, adequately capitalized (CRAR >20%) and expected only 75bps of credit cost in FY22
Then what was the need for co. to issue 4K crs at 25% discount to BV
Above results and management con call confirmed that there was no extraordinary stress with the co. Infact it was profitable, adequately capitalized (CRAR >20%) and expected only 75bps of credit cost in FY22
Then what was the need for co. to issue 4K crs at 25% discount to BV
3/N
which gives majority control to #Carlyle without the need to pay for control premium at the cost of minority investors
Original plan of 1800 crs rights issue was the right way to raise capital. Even when RBI didn't give approval to PNB, the co decided to pref allotment
which gives majority control to #Carlyle without the need to pay for control premium at the cost of minority investors
Original plan of 1800 crs rights issue was the right way to raise capital. Even when RBI didn't give approval to PNB, the co decided to pref allotment
