PNB board approves plan to raise Rs 3,000 cr equity capital

PNB said its board of directors have called general meeting of shareholders on Sept 12

State-owned Punjab National Bank (PNB) has got the approval of board of directors to raise Rs 3,000 crore by various ways, including follow on public offer or rights issue.

"The board of directors of the bank in its meeting held today accorded approval for raising equity capital by way of follow on public offer/rights issue/qualified institutions placement/ESPS/ESOP to the tune of Rs 3,000 crore," the bank said in a regulatory filing.

PNB said its board of directors have called an extra ordinary general meeting of the shareholders on September 12 for their approval to raise the equity capital.

Shares of the bank today closed 2.90 per cent down at Rs 157.50 on BSE.