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  1. PNB gets shareholders’ nod to raise Rs 5,000 crore

PNB gets shareholders’ nod to raise Rs 5,000 crore

Punjab National Bank (PNB) on Monday sought shareholders’ nod to raise Rs 5,000 crore through various means, including a qualified institutional placement (QIP) or a rights issue.

By: | Published: December 5, 2017 4:59 AM
punjab national bank, pnb shareholders, sunil mehta Punjab National Bank (PNB) on Monday sought shareholders’ nod to raise Rs 5,000 crore through various means, including a qualified institutional placement (QIP) or a rights issue.

Punjab National Bank (PNB) on Monday sought shareholders’ nod to raise Rs 5,000 crore through various means, including a qualified institutional placement (QIP) or a rights issue. The bank said in a regulatory filing that the agenda of the extraordinary general meeting (EGM) contained “raising of common equity Tier I capital of the bank in aggregating not exceeding Rs 5,000 crore including premium by way of FPO (follow on public offer)/QIP(qualified institutional placement)/rights issue/ESOP (employees stock option plan) and/or any other mode or combination(s) thereof, as may be decided by the board”. PNB said in the statement that its MD & CEO Sunil Mehta informed shareholders on Monday that the voting results will be declared after a consolidated scrutiniser’s report, of the votes cast in the poll along with the votes cast in remote e-voting, is received. “The same shall be submitted to the stock exchanges and also placed on the website of the bank and on the website of NSE/BSE within the statutory time limit,” he added. The bank reported a net profit of Rs 561 crore in Q2, up 2% from the same period last year. Its capital adequacy ratio under Basel III norms stood at 11.56%, down from 11.64% in the sequential quarter. The government of India held a 65% stake in PNB at the end of the September quarter, data from BSE showed. The PNB stock rose 1% to close at Rs 173.10 on the BSE on Monday. In June, State Bank of India (SBI) had raised Rs 15,000 crore by selling Rs 52.2-crore shares at Rs 287.25 apiece.

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