Punjab National Bank (PNB) has approved raising Rs 7,500 crore through QIP/FPO during FY'25 to bolster its capital base. The move ensures the government retains a majority stake.
Illustration: Dominic Xavier/Rediff.com
New Delhi, Jan 29 (PTI) State-owned Punjab National Bank (PNB) on Monday said the board of the bank has given green signal for raising Rs 7,500 crore through Qualified Institutions Placement (QIP)/Follow-on Public Offer (FPO) during 2024-25.
The decision in this respect was taken in a meeting held on January 29.
The board gave nod for raising of equity capital for an amount aggregating up to Rs 7,500 crore in one or more tranches during FY2024-25 through Qualified Institutions Placement (QIP)/Follow-on Public Offer (FPO) or any other permitted mode or a combination, PNB said in a regulatory filing.
The fund raising should be done in such a manner that the shareholding of the Government of India does not fall below 52 per cent, it added.
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