The bank will seek approval of the shareholders on March 19 for the same, PNB said in a filing to the BSE.
The bank would issue over 4.42 crore shares at a price of Rs 196.80 apiece to the government, raising Rs 870 crore in the form of equity capital.
The shareholders at the extraordinary general meeting would decide on the final issue price, it added.
Government currently holds 58.87 per cent stake in PNB.
Earlier this month, the government announced infusion of Rs 6,990 crore in nine PSU banks. This included Rs 870 crore for PNB.
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