Punjab National Bank (PNB) shares marked their fourth consecutive session of gains on January 30, registering a robust 9 percent surge. The state-owned bank’s upward trajectory is attributed to its strategic move of planning a fund raise amounting to Rs 7,500 crore and its impressive performance in the December quarter.
On January 29, the bank’s board approved the proposal to raise up to Rs 7,500 crore through either Qualified Institutions Placement (QIP) or Follow-on Public Offer (FPO) during the fiscal year 2025. In a regulatory filing, PNB stated, “The board approved the raising of equity capital for a total of up to Rs 7,500 crore in one or more tranches during FY25 through Qualified Institutions Placement (QIP)/Follow-on Public Offer (FPO) or any other permitted mode or a combination.”
This fund infusion aims to prevent the government stake in the bank from falling below 52 percent. As of the December quarter, government data reveals that the government holds a 73.15 percent stake in PNB.
At 2:13 pm, PNB shares were trading 2.09 percent higher at ₹109.75, indicating positive investor sentiment in response to the bank’s strategic initiatives and financial performance.
