Punjab National Bank informed that its board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 109.16 per share.
The company's board authorized and declared the opening of the issue on Monday, 23 September 2024.The floor price of Rs 109.16 is at a discount of 2.01% to the previous day's closing price of Rs 111.50 on the BSE.
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The company stated that it may offer a discount of not more than 5% on the floor price so calculated for the issue.
Punjab National Bank is engaged in Treasury Operations, Corporate/Wholesale Banking, Retail Banking, Digital Banking, Others. As on 30 June 2024, Government of India held 73.15% stake in the bank.
The public lender reported standalone net profit of Rs 3,251.53 crore in Q1 FY25 steeply higher than Rs 1,255.41 crore reported in Q1 FY24. Total income grew by 12.5% year on year (YoY) to Rs 32,165.95 crore in the quarter ended 30 June 2024.
Shares of Punjab National Bank slipped 2.38% to Rs 108.35 on the BSE.
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