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PNB gets shareholders’ nod for raising Rs 5,000 crore from market

Punjab National Bank (PNB) said that it has got shareholders’ approval for raising Rs 5,000 crore either through Qualified Institutional Placement (QIP) or rights issue.

The extra-ordinary general meeting (EGM) of shareholders of the bank was held on Monday, PNB said in a regulatory filing to the stock exchanges.

The shareholders approved raising of common equity Tier I capital of the bank by up to Rs 5,000 crore, including premium by way of follow-on public offer (FPO), QIP, rights issue or Employees Stock Option Plan or any other mode decided by the board, PNB said.

The bank has already appointed merchant bankers for the QIP and is expected to hit the market in the next few days.

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