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PNB Gets Shareholders’ Approval to Raise Rs. 5,000 cr

December 05, 2017

PNB Gets Shareholders’ Approval to Raise Rs. 5,000 cr

India’s third largest public sector bank PNB said that its shareholders have given a green signal to raise Rs. 5,000 crores from the market either through a rights issue or Qualified Institutional Placement (QIP).

In a recent regulatory filing, Punjab National Bank (PNB) said that the extraordinary general meeting (EGM) of its shareholders was held on Monday during which they gave a nod to raise common equity Tier I capital up to Rs. 5,000 crores.

The lender is planning to hit the market with QIP in a few days as the merchant bankers for the same have been already appointed.

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