PNB announces raising of capital of up to ₹12000 Cr via Tier II bonds
1 min read 29 Mar 2023, 10:13 PM ISTThe public sector lender Punjab National Bank (PNB) announced today the raising of capital for an amount up to Rs.12000 Crore via Tier 2 bonds.
PremiumThe public sector lender Punjab National Bank (PNB) announced today the raising of capital for an amount up to Rs.12000 Crore via Tier 2 bonds.
“The Board of Directors of the Bank in its meeting held today i.e. 29 March, 2023 has approved raising of capital for an amount up to Rs.12000 Crore through Basel Ill Compliant AT-1fTier II Bonds (AT-1 Bonds up to Rs.7000 Crore and Tier- II Bonds up to Rs.5000 Crore), to be raised in one or more tranches," said PNB today in a stock exchange filing.
Punjab National Bank raised ₹974 crore at 8.75 per cent on March 24.
Commenting on the technical outlook of the stock A R Ramachandran, Co-founder & Trainer-Tips2trades said "Even though since the past 3 years, PNB has been profitable, still compared to other quality PSU banks like SBI, PNB lacks consistency in terms of a cleaner & more consistent income statement & balance sheet. Technically, PNB was oversold on the Daily charts and a close above resistance of 47.2 could lead to a target of 52 in the near term. Support will be at 44.5."
The shares of Punjab National Bank closed today on the NSE at ₹46.25 apiece level, up by 3.01% from the previous close of ₹44.90. The stock recorded a total volume of 4,92,29,088 shares. In the last 1 year, the stock has gained 31.95% and on a YTD basis, it has fallen 19.07% so far in 2023. The stock touched a 52-week-high of ₹62.00 on (15-Dec-2022) and a 52-week-low of ₹28.05 on (20-Jun-2022). During Q3FY23, the company reported a promoter shareholding of 73.15%, FIIs stake of 1.71%, DIIs stake of 12.98% and a public stake of 12.16%.
