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.