Board approves raising capital up to Rs 10000 cr
Punjab National Bank announced that the Board of Directors at its meeting held on 09 July 2020 has approved the following -a. Opening Balance Sheet of the Amalgamated Bank as at 01st April 2020, i.e. post amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank.
b. Raising of capital through issue of equity shares and Basel III Compliant Tier 2 Bonds by way of Private Placement, Qualified Institutions Placement (QIP), Further Public Offer (FPO), Rights Issue or any other mode or through a combination thereof up to an amount of Rs.10000 crore and seeking approval of the shareholders for raising of equity capital for an amount upto Rs.7000 crore in the forthcoming AGM.
c. Appropriation of accumulated losses of Rs.28707.92 crore from the Share Premium Account of Amalgamated Bank (PNB) and seeking approval of the shareholders in the forthcoming AGM for the same.
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