Shares of Punjab National Bank dropped 2.5 percent in trade after the company launched a Qualified Institutional Placement (QIP) where it offered shares at a discount to its current market price.
The PSU lender set a floor price of Rs 109.16 per share for its QIP program, launched on September 23. This price reflects a 2 percent discount from the closing market price of PNB shares, which stood at Rs 111.49 apiece on the same date.
At 12.06 pm, shares of Punjab National Bank were trading at Rs 109.20 on the NSE.
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Previously, CNBC-Awaaz had reported that PNB was looking to raise Rs 5,000-7,500 crore through a QIP program. The roadshow for the same also reportedly attracted strong demand from domestic mutual funds, indicating significant investor interest. In January, the bank’s board approved raising up to Rs 7,500 crore in 2024-25.
Meanwhile, the public lender saw its net interest income (NII) jump over 10 percent on year to Rs 10,476.2 crore in the June quarter. Along with that, PNB’s net profit also surged almost 160 percent on-year to Rs 3251.5 crore from Rs 1,255.4 crore in the year ago period.
This also the lender's the highest ever quarterly profit, driven by account of improvement in various parameters, including net interest income, recovery and CASA, Managing Director Atul Kumar Goel said.
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