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PNB Gets Shareholders’ Approval to Raise Rs. 5,000 cr
December 05, 2017
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.