PNB Housing Finance
PNB Housing Finance shares reached the bottom channel of 5%

Shares in PNB Housing Finance plunged 5% to their lower channel limit on Monday after the company said it had aborted the plan to sell Rs 4000 crore-share to the US private equity firm Carlyle Group and others.

The stock fell 5% to its lower circuit limit of Rs 607.10 on BSE.

On NSE, it fell 4.99% to its lower circuit of Rs 606.75.

Amid a legal hurdle, PNB Housing Finance announced on Thursday that it had abandoned its plan to sell rupee 4,000 crore shares to US private equity firm Carlyle Group and others.

The deal got bogged down in legal tangles over valuation issues. Last month, capital markets regulator Sebi took the Securities Supreme Court to court
The appeal court order in the case concerned the company’s 4,000 crore rupee capital raising plan. The case is pending before the Supreme Court.

“The board of directors has decided not to proceed with the preferential issue and the share subscription agreements entered into with the proposed beneficiaries have been terminated in accordance with their respective conditions,” PNB Housing Finance said in a regulatory file.

The main objective of the board is to raise capital to support the growth of the business, and the board believes that the current situation is not in the best interests of the business and its stakeholders, he said. he declares.

Markets were closed for Dussehra on Friday.

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Share / Store Live Updates: The benchmark stock indexes on the BSE and the National Stock Exchange (NSE) rose about 0.5% in early Monday trading, thanks to gains in banking and auto stocks.

The S&P BSE Sensex hit a new all-time high of 60,412.32 at the start of trading, while the Nifty approached its all-time high and hit 17,943.50.

Gains on the Sensex were led by Maruti Suzuki India, HDFC Bank, State Bank of India (SBI), Bajaj Auto, Mahindra & Mahindra (M&M) and Axis Bank. On the other hand, Tech Mahindra, Nestlé India, HCL Technologies, Dr Reddy’s Laboratories, Infosys and ITC were among the laggards.

Among sector indices on NSE, the Nifty Realty index was trading over 2% higher in morning trading led by The Phoenix Mills and DLF. Apart from that, the Nifty Auto index rose more than 1.5%, led by Maruti and Tata Motors. Key Bank Nifty also rose more than 1%, led by Bandhan Bank and HDFC Bank. On the other hand, the Nifty IT index fell by more than 1.5%, weighted by MindTree, Coforge and Larsen & Toubro Infotech.

(with contributions from agencies)

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OYO to deposit up to $ 1.2 billion IPO next week

Hotel company OYO plans to raise up to $ 1.2 billion (around Rs 8,000 crore) through an initial public offering and is expected to file the draft red herring prospectus with Sebi next week, sources told PTI on Thursday.

OYO has appointed investment banks like JPMorgan, Citi and Kotak Mahindra Capital to handle its public offering, they added.

OYO comments could not be obtained at the time of article submission.

The hotel company’s proposed initial public offering (IPO) plan follows the spectacular success of Zomato’s IPO which ended in an exceptional oversubscription on July 16 and was the largest since March 2020.

Last week, shareholders of Oravel Stays, the parent company of hotel company OYO, approved the transformation of the company from a limited liability company to a public limited company, according to a regulatory filing.

Previously, the board of directors of Oravel Stays approved an increase in the authorized share capital of the company from Rs 1.17 crore to Rs 901 crore.

OYO in August, in a filing with the Registrar of Companies (RoC), said Microsoft Corporation had invested nearly $ 5 million (around Rs 37 crore) in OYO through the issuance of shares and compulsory cumulative convertible preferred shares on a private placement basis.

Earlier in July, the company raised $ 660 million through B-term loans from global institutional investors, including Fidelity Investments, to refinance and simplify its existing borrowing.

In March of this year, OYO Founder and CEO Ritesh Agarwal said, “OYO is on a steady track of resurgence in 2021 and sees signs of recovery in India, Europe and Southeast Asia. OYO’s survival through the COVID crisis and our resurgence shows that we are a company with strong fundamentals and high value potential. “