Punjab National Bank (PNB) is planning to raise Rs 7,000 crore through share sale in December 2020 to shore up its capital base for meeting business plan. The bank expects the credit growth to pick up slightly in the second half but it would be less than 5 per cent for the entire fiscal.
The bank has already taken approval from the board for raising Rs 14,000 crore by way of Tier II, Additional Tier 1 (AT-1) bonds and QIP (Qualified Institutional Placement), Of this, Rs 4,000 crore is for Tier II. Against this, it has raised Rs 2,500 crore and remaining Rs 1,500 crore and additional Rs 3,000 crore from AT-1 bonds will be raised before November 30, 2020.
PNB is one of the oldest banks in India having a virtual presence in every important center of the country. The Bank caters to a wide variety of audience through spectrum of services including corporate and personal banking, industrial finance, agricultural finance and international finance.
