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Business News/ Companies / Punjab National Bank approves 5-for-1 stock split, fund-raising
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Punjab National Bank approves 5-for-1 stock split, fund-raising

The bank said its board has approved raising funds through a QIP or a follow-on public offer or a rights issue

The funds raised will be used for meeting Basel-III capital requirements and for general business needs. Photo: Pradeep Gaur/MintPremium
The funds raised will be used for meeting Basel-III capital requirements and for general business needs. Photo: Pradeep Gaur/Mint

Mumbai: Punjab National Bank (PNB) on Monday said its board has approved a five-for-one stock split, a move that would make the stock more affordable to small investors.

In a notice to BSE, the bank said its board has also approved raising funds through a qualified institutional placement (QIP) or a follow-on public offer (FPO) or a rights issue, which will be used for meeting Basel-III capital requirements and for general business needs.

“The board of directors of the bank at its meeting held on 19 September 2014 discussed about various options of raising capital to meet Basel-Ill guidelines and also to fund the general business needs of the bank", the bank said in the statement.

On Monday, shares of the bank closed 0.92% higher at 985.85, while India’s benchmark Sensex index added 0.43% to 27,206.74 points.

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Published: 22 Sep 2014, 09:00 AM IST
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