Sebi exempts Centre from making open offer for PNB

Mumbai: The Securities and Exchange Board of India (Sebi) said on Tuesday it had granted an exemption to the government from making an open offer for Punjab National Bank (PNB).

The regulator said the state-run bank had filed an application dated 1 October and later a revised application on 24 October on behalf of the government seeking such an exemption.

In September, the government had proposed an infusion of capital to the tune of ₹ 5,431 crore in PNB through preferential allotment. Subsequently, PNB approved such allotment and decided to issue 63,81,90,364 equity shares to the government at an issue price of ₹ 85.10 per share.