PNB gets board approval to raise Rs 7,500 crore via QIP or FPO

The fundraising exercise will be done in one or more tranches during the next financial year, the state-owned bank said in a late-evening regulatory filing.

PTI

December 28, 2023 / 23:48 IST

PNB gets board approval to raise Rs 7,500 crore via QIP or FPO

Punjab National Bank on December 28 said its board has approved a proposal to raise Rs 7,500 crore capital through QIP or FPO. The fundraising exercise will be done in one or more tranches during the next financial year, the state-owned bank said in a late-evening regulatory filing.

The board of directors, during a meeting on December 28, approved the proposal for raising equity capital for an amount aggregating up to Rs 7,500 crore in one or more tranches during 2024-25 through Qualified Institutional Placement (QIP) or Follow-on Public Offering (FPO) or any other permitted mode or a combination, it said.

PTI

first published: Dec 28, 2023 11:48 pm

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