PNB to raise Rs 7,000 crore through QIP by December this year

Bank receives fewer proposals for restructuring than expected as companies fear impact on ratings

Punjab National Bank will raise Rs 7,000 crore through a share sale to institutional investors by December, even as the state-owned lender hasn’t received as many requests for Covid-19-related loan restructuring as expected.
 

“We have got approval from the government to raise Rs 7,000 crore through QIP (qualified institutional placement). We are in the process of finalising the BRLM (book running lead manager). We are planning to raise money in the second or third week of December, depending upon the road shows and the BRLM,” PNB Managing Director and Chief Executive Officer S S Mallikarjuna Rao said at a virtual