Govt to infuse Rs 184 cr in PNB

The government will infuse Rs 184 crore in Punjab National Bank (PNB) as recapitalisation package to shore up the bank's equity capital.

The bank would issue over 15.09 lakh shares at a price of Rs 1,218.82 crore to the government, aggregating to Rs 184 crore, PNB said in a filing to the Bombay Stock Exchange (BSE).

The capital infusion is, however, subject to approval of the shareholders at the Extraordinary General Meeting, it said.

Shares of PNB closed at at Rs 1,122.45 on the BSE, up 1.13% from its previous close.