Cyril Amarchand Mangaldas acted as legal counsel to PNB Housing Finance Limited (PNB Housing) in relation to its Rights Issue. The Issue was undertaken by the Company in compliance with Part B-1 of Schedule VI of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”).
The Capital Markets Practice of Cyril Amarchand Mangaldas advised PNB Housing on the transaction. The transaction team was led by Gokul Rajan, Partner (Regional Head Markets Practice-Northern Region); with support from Amitpal Singh, Principal Associate; Rishav Buxi, Senior Associate; Shachi Singh, Associate; and Ayana Banerjee, Associate.
As part of the transaction, for PNB Housing issued 9,06,81,828 fully paid equity shares of face value of INR 10 ("Rights Equity Shares"), for cash at a price of INR 275 per Rights Equity Share (including a premium of INR 265 per Rights Equity Share), aggregating to INR 2,493 cores (appox.) on a rights basis to the eligible equity shareholders of the PNB Housing in the ratio of 29 Rights Equity Shares for every 54 equity shares held by the eligible equity shareholders on the record date, i.e. Wednesday, April 5, 2023, (the "Issue").
Other parties to the transaction included Axis Capital Limited, BNP Paribas, BofA Securities India Limited and J.P. Morgan India Private Limited acted as the lead managers to the Issue (collectively, the “Lead Managers”). Sidley Austin LLP (acted as international legal counsel for the Lead Managers).
The draft letter of offer for the Issue was dated November 29, 2022 (“DLOF”) and the letter of offer for the Issue was dated March 29, 2023 (“LOF”).
The Capital Markets Practice of Cyril Amarchand Mangaldas advised PNB Housing on the transaction. The transaction team was led by Gokul Rajan, Partner (Regional Head Markets Practice-Northern Region); with support from Amitpal Singh, Principal Associate; Rishav Buxi, Senior Associate; Shachi Singh, Associate; and Ayana Banerjee, Associate.
As part of the transaction, for PNB Housing issued 9,06,81,828 fully paid equity shares of face value of INR 10 ("Rights Equity Shares"), for cash at a price of INR 275 per Rights Equity Share (including a premium of INR 265 per Rights Equity Share), aggregating to INR 2,493 cores (appox.) on a rights basis to the eligible equity shareholders of the PNB Housing in the ratio of 29 Rights Equity Shares for every 54 equity shares held by the eligible equity shareholders on the record date, i.e. Wednesday, April 5, 2023, (the "Issue").
Other parties to the transaction included Axis Capital Limited, BNP Paribas, BofA Securities India Limited and J.P. Morgan India Private Limited acted as the lead managers to the Issue (collectively, the “Lead Managers”). Sidley Austin LLP (acted as international legal counsel for the Lead Managers).
The draft letter of offer for the Issue was dated November 29, 2022 (“DLOF”) and the letter of offer for the Issue was dated March 29, 2023 (“LOF”).
