Latest News | PNB Board Approves Fund Raising of Rs 7,500 Crore Via Share Sale in FY'25

New Delhi, Jan 29 (PTI) State-owned Punjab National Bank (PNB) on Monday said the board of the bank has given green signal for raising Rs 7,500 crore through Qualified Institutions Placement (QIP)/Follow-on Public Offer (FPO) during 2024-25.

The decision in this respect was taken in a meeting held on January 29.

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The board gave nod for raising of equity capital for an amount aggregating up to Rs 7,500 crore in one or more tranches during FY2024-25 through Qualified Institutions Placement (QIP)/Follow-on Public Offer (FPO) or any other permitted mode or a combination, PNB said in a regulatory filing.

The fund raising should be done in such a manner that the shareholding of the Government of India does not fall below 52 per cent, it added.

Also Read | Union Budget 2024-25 Expectations For Salaried Taxpayers: From Simplification of Capital Gains to Increase in Section 80C Deduction Limit, Here's What To Expect From Interim Budget.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)