PNB rises 3% ahead of Q3 results, nod to raise Rs 1,000 crore via bonds

Among the key monitorables, analysts would watch out for an update on integration and merger of United Bank of India and Oriental Bank of Commerce with PNB.

Shares of Punjab National Bank rose up to 2.7 per cent to Rs 58.9 on the BSE on Tuesday ahead of its December quarter (Q3FY20) results due later today. Besides, the bank’s Board yesterday approved raising funds through issuance of bonds.

“Board of the Bank in its meeting held on February 3, 2020 has granted permission for raising funds through issuance of Basel-III compliant Tier-II Bonds amounting up to Rs 1,000 crore in one or more tranches,” the bank said in a regulatory filing. READ FILING HERE

Previously, in December, the bank had agreed to raise Rs