Boosting Capital, Raising Funds: PNB to Issue FPO & QIP Worth ₹7,500 Crore

30 Jan 2024 , 10:16 AM

The board of the state-owned Punjab National Bank (PNB) approved the bank’s plan on Monday to raise ₹ 7,500 Crore through a Follow-on Public Offer (FPO) and Qualified Institutions Placement (QIP) during 2024–25. At the meeting on January 29, a decision was made in this regard.

According to a PNB regulatory filing, the board approved the issuance of equity capital through qualified institutions placement (QIP), follow-on public offers (FPO), or any other approved form or combination, for a total sum up to ₹ 7,500 Crore in one or more tranches during FY2024–25.

It further stated that the funds should be raised such that the Government of India’s stake does not drop below 52%.

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