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Punjab National Bank (PNB) has received an approval, from shareholders for raising Rs.5,000 crore either via Qualified Institutional Placement (QIP) or rights issue.
In a regulatory filing to exchanges, PNB stated that, the extra ordinary general meeting (EGM) of the shareholders was held today.
Further it stated, “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.”
Moreover, the merchant bankers for the QIP has already been appointed by the bank and is likely to hit the market in the next few days.
