Punjab National Bank (PNB) witnessed a 1 percent surge in its shares, reaching Rs 96 per share on December 29, following the approval from the bank’s board to raise Rs 7,500 crore through a qualified institutional placement (QIP) or follow-on public offering (FPO).
Throughout the year, the stock of this PSU Bank has exhibited remarkable growth, with an impressive surge of over 68 percent, positioning it as the leading performer in the Bank Nifty index. Achieving a milestone, PNB shares touched a 52-week high of Rs 97 on December 28, 2023.
The board’s decision, as per the exchange filing, outlines the fundraising endeavor to be carried out in one or more tranches during the upcoming financial year. The filing stated, “The board of directors, in a meeting on December 28, approved the proposal for raising equity capital for an amount aggregating up to Rs 7,500 crore in one or more tranches during 2024-25 through Qualified Institutional Placement (QIP) or Follow-on Public Offering (FPO) or any other permitted mode or a combination.”
As of 11:39 am, PNB shares maintained a steady position, trading flat at ₹94.90.
