Punjab National Bank (PNB) has received board approval to raise Rs 7,500 crore through QIP or FPO in the next financial year. The fundraising will be done in one or more tranches.
New Delhi, Dec 28 (PTI) Punjab National Bank on Thursday 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 Thursday, 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.
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