The shares of PNB Housing Finance were locked at an upper circuit of 5 per cent to day’s high level of Rs 720.55 per share, as the company mulls restructuring capital infusion deal by Carlyle Group.

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The promoter Punjab National Bank has asked PNB Housing Finance to consider restructuring the proposed Rs 4,000 crore capital infusion deal led by US-based Carlyle group, the company said in its exchange filing on Wednesday. The deal was announced on May 31, 2021.

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PNB Housing Finance had received a letter from PNB on July 4 and subsequent to that the board of the company met on July 5 and 6, 2021."The PNB letter conveyed a decision taken by the board of directors of PNB in a meeting held on July 3, 2021," housing finance company said in a filing.

The stock has surged around 69 per cent since the announcement of the Carlyle Group deal. It touched a 52-week high of Rs 924 per share, while hit a low of Rs 193.2 apiece on July 16, 2020.

In addition, the housing finance company will await the Securities Appellate Tribunal’s order on the issue before taking a final decision, it further said through exchange filing.

Securities and Exchanges Board of India (SEBI) had asked the company for revaluation of the issue price for the Rs 4,000 crore preference shares and warrants to be issued to the proposed investors at Rs 390 apiece. However, the company had moved the SAT after the market regulator’s letter.

The matter is scheduled for hearing before SAT on Monday, July 12. The order in the matter was expected to come on July 5. However, the company sought the same to be heard next week.