PNB Gilts hits upper circuit on likely stake sale

MUMBAI: PNB Gilt shares jumped 5 per cent Thursday on buzz that parent Punjab National Bank is selling its entire stake to a strategic investor. The stock was at Rs 25.60 on BSE.

According to reports, the stake sale is likely to be at Rs 40 or more per share.

PNB Gilts was amongst the first to get a licence as a primary dealer in 1996 for dealing in government securities market.

Punjab National Bank holds 74 per cent of stake in the company while 26 per cent is with public.