Punjab National Bank to raise Rs 1,590 crore

23 Feb 2012 Evaluate

Punjab National Bank (PNB), the public sector lender is likely to raise Rs 1,590 crore by selling about 15.8 million shares to Life Insurance Corporation of India (LIC). The board of directors of the bank has approved issuance of up to 15.8 million 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.

The bank has also approved fund infusion of Rs 1,285 crore through preferential issue of shares to the government. The bank will issue up to 12.8 million shares to the government. The capital infusion would raise government's stake, from 58% at present, in the bank.

Recently, PNB has launched a special salary package for nursing staff of private hospitals in Kerala. The bank is offering zero-charge, zero-balance account which can be operated in any of the bank's branches.

PNB Share Price

98.25 -0.35 (-0.35%)
15-Jan-2025 16:01 View Price Chart
Peers
Company Name CMP
SBI 754.00
Bank Of Baroda 221.95
Canara Bank 94.70
PNB 98.25
Union Bank Of India 106.05
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