State-owned Punjab National Bank (PNB) has approved to raise Rs 1,250 crore through issuance of shares of face value of Rs 10 each on preferential basis in favour of Government of India.
The proposed preferential allotment will be subject to necessary approvals and the price for issue would be decided by as per market regulator Securities and Exchange Board of India (SEBI) rules. The bank will hold an extraordinary general meeting of shareholders on March 4 to take up approval for the same.
Earlier this month, the government approved infusion of Rs 12,517 crore in around 10 state-owned banks over the next three months. Last year, PNB got capital infusion of Rs 1,285 crore from the government.
