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PNB shareholders approve preferential issue to govt, LIC

Press Trust of India  |  New Delhi 

State-owned Punjab National Bank (PNB) today said its shareholders have approved raising capital up to Rs 2,875 crore by issue of share to government and

The shareholders at the general meeting yesterday approved issuance of 128 million shares to the government on basis, PNB said in a statement issued to the Bombay Stock Exchange (BSE) today.

They also approved issuance of up to to 158 million equity shares of face value of Rs 10 each to LIC, on basis, at a premium of Rs 993.69 determined as on February 17, it said.

The government holds 58% stake in PNB at present.

Following the all necessary regulatory approvals the bank would be able to raise Rs 2,875 crore by March 31.

Last year, PNB got a capital infusion of Rs 184 crore from the government.

First Published: Wed, March 21 2012. 22:04 IST