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Mukesh Ambani, chairman and MD, Reliance Industries; Ajay Tyagi, chairman, SEBI; S. S. Mallikarjuna Rao, MD and CEO, Punjab National Bank; VSS Mani, founder and managing director, Just Dial Services Private Limited.
Synopsis
Like Carlyle’s investment in PNB Housing Finance, the proposed deal by Reliance Retail Ventures involves a large preferential issue, the pricing of which is not accompanied by a detailed valuation report. Proxy advisories are of the view that dilution through such preferential issues without transparent valuation reports hurts minority shareholders.
The decision by the Securities Appellate Tribunal (SAT) in the legal tussle between the Securities and Exchange Board of India (Sebi) and PNB Housing Finance could have a bearing on the pricing of Just Dial shares in its INR3,500 crore deal with Reliance Retail Ventures Limited (RRVL). With the proxy advisory firms holding a magnifying glass on the fine print of the Articles of Association (AoA
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