On December 28, Punjab National Bank (PNB) disclosed that its board had approved a request to raise Rs 7,500 crore in capital through either a Qualified Institutional Placement (QIP) or Follow-on Public Offering (FPO). The state-owned bank made this announcement in a regulatory filing late in the evening, outlining that the capital-raising initiative will be executed in one or more installments over the course of the upcoming fiscal year.
During a meeting held on December 28, the board of directors greenlit the proposal to enhance equity capital through QIP, FPO, or any other approved mode or a combination of modes, with a targeted maximum total amount of Rs 7,500 crore. This fundraising activity is set to take place in one or more tranches throughout the financial year 2024–25.
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