PNB approves plan to raise funds worth ₹7,500 crore via QIP or FPO in FY25
Punjab National Bank (PNB) on Monday approved the sale of shares to raise ₹7,500 crore of funds 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 ₹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.Milestone Alert!
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