PNB gains on board nod for stock split

The board has approved stocks split of face value Rs 10/each into 5 shares of face value Rs 2/each

Shares of Punjab National Bank were up over 1% at Rs 989 after the state-owned bank's board at its meeting held on September 19, 2014 approved stock split of shares.

The board considered and granted in-principle approval for spilt of existing equity shares of Face Value of Rs.10/- each into 5 Equity Shares of Face Value of Rs. 2/- each, the bank said in a release to the stock exchange.

The board also discussed about various options of raising capital through QIP/FPO/Rights Issue to meet Basle-III guidelines & also to fund the general business needs of the Bank, the release said.

The stock opened at Rs 981 and touched a high of Rs 992 on the BSE. Over 334,000 shares were traded on the NSE and BSE so far.