PNB shareholders approve preferential issue to Govt, LIC
The shareholders at the general meeting yesterday approved issuance of 1.28 cr shares to the govt on preferential basis, PNB said.
By PTI | Updated:
NEW DELHI: State-owned Punjab National Bank (PNB) on Wednesday said its shareholders have approved raising capital up to Rs 2,875 crore by preferential issue of share to government and LIC.
The shareholders at the general meeting yesterday approved issuance of 1.28 crore shares to the government on preferential basis, PNB said in a statement issued to the BSE today.
They also approved issuance of up to to 1.58 crore equity shares of face value of Rs 10 each to LIC, on preferential basis, at a premium of Rs 993.69 determined as on February 17, it said.
The government holds 58 per cent stake in PNB at present. Following the all necessary regulatory approvals the bank would be able to raise Rs 2,875 crore by March 31.
Last year, PNB got a capital infusion of Rs 184 crore from the government.
The shareholders at the general meeting yesterday approved issuance of 1.28 crore shares to the government on preferential basis, PNB said in a statement issued to the BSE today.
They also approved issuance of up to to 1.58 crore equity shares of face value of Rs 10 each to LIC, on preferential basis, at a premium of Rs 993.69 determined as on February 17, it said.
The government holds 58 per cent stake in PNB at present. Following the all necessary regulatory approvals the bank would be able to raise Rs 2,875 crore by March 31.
Last year, PNB got a capital infusion of Rs 184 crore from the government.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
