Business Standard

PNB shareholders approve preferential issue to govt, LIC

Related News

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 LIC.

The shareholders at the general meeting yesterday approved issuance of 128 million shares to the government on preferential 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 preferential 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.

Read more on:   
|
|
|

Read More

LIC pumps in Rs 2,317 cr in four PSU banks

The state-owned Life Insurance Corporation (LIC) has pumped in Rs 2,137 crore in four public sector banks through the preference share route.

Quick Links

More news from Finance Rss icon

West Bengal advises MFIs to rope in clients for Jan Dhan Yojna

MFIs too deliberate migrating to banking platform

Vigilance Commission questions top-level appointments in PSBs

The names of the officials were shortlisted during the tenure of the last UPA government

UBI declares Mallya wilful defaulter

Kingfisher Airlines says it will contest bank's move in Supreme Court

Back to Top