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.
