PNB gains on fund raising plan

Punjab National Bank rose 1.25% to Rs 222.60 at 10:24 IST on BSE after the bank said its board approved seeking shareholder approval for raising of equity capital by way of FPO/QIP/ESPS or in any combination thereof.

The announcement was made after market hours on Wednesday, 24 December 2014.

Meanwhile, the S&P BSE Sensex was down 22.29 points or 0.08% at 27,185.87.

On BSE, so far 1.22 lakh shares were traded in the counter as against average daily volume of 1.84 lakh shares in the past one quarter.

The stock hit a high of Rs 224 and a low of Rs 219.10 so far during the day. The stock had hit a 52-week high of Rs 231.50 on 19 December 2014. The stock had hit a 52-week low of Rs 101.80 on 31 January 2014.

The stock had outperformed the market over the past one month till 24 December 2014, surging 11.44% compared with Sensex's 4.53% fall. The scrip had also outperformed the market in past one quarter, jumping 18.61% as against Sensex's 1.73% rise.

The large-cap bank has equity capital of Rs 362.07 crore. Face value per share is Rs 2.

Punjab National Bank (PNB) said that the board of directors of the bank at its meeting held on 23 December 2014, has approved the holding of EGM on 13 February 2015, for election of three shareholder directors of the bank and seeking shareholder approval for raising of equity capital by way of FPO/QIP/ESPS or in any combination thereof.

PNB's net profit rose 13.8% to Rs 575.34 crore on 11.9% growth in total income to Rs 13020.46 crore in Q2 September 2014 over Q2 September 2013.

Government of India holds 58.87% in the bank as at 30 September 2014.

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