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India

India's PNB Housing Finance says regulator has called for share allocation delay

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The logo of the Securities and Exchange Board of India (SEBI) is pictured on the premises of its headquarters in Mumbai, India, March 1, 2017. REUTERS/Shailesh Andrade/File Photo

MUMBAI, June 20 (Reuters) - PNB Housing Finance Ltd (PNBHF) (PNBH.NS) on Sunday said India's markets regulator has asked it to put on hold a share allocation worth 40 billion rupees ($539.81 million) to a clutch of investors led by Carlyle Group Inc (CG.O).

The company, in a statement, said it had received a letter from the Securities and Exchange Board of India (SEBI) requesting it to not proceed with the allocation until it undertakes an independent valuation of the shares.

PNBHF, which announced the allocation in May, said it has acted in compliance with all relevant applicable laws and "is evaluating further steps in this regard."

Reuters could not immediately reach SEBI or Carlyle for comment.

($1 = 74.1000 Indian rupees)

Reporting by Rajendra Jadhav; Editing by Christopher Cushing

Our Standards: The Thomson Reuters Trust Principles.

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