PNB
Punjab National Bank raises Rs 5,000 crore via QIP route
New Delhi/IBNS: Leading public sector lender Punjab National Bank (PNB) announced on Friday (Sept. 27) that it has raised Rs 5,000 crore through a Qualified Institutional Placement (QIP).
In a regulatory filing, PNB stated it had issued 48.2 crore shares to Qualified Institutional Buyers (QIBs) at a price of Rs 103.75 per share.
Prominent QIBs participating in the placement included Citigroup, BofA Securities, SBI Contra Fund, Morgan Stanley, and Goldman Sachs, according to reports.
On the same day, PNB's shares on the NSE ended 1.4 percent higher, closing at Rs 108.76 each.
The bank stated in its filing, "The Capital Raising Committee of the Board has today, 27.09.2024, approved the allocation of 48.2 crore equity shares to eligible QIBs at an issue price of Rs 103.75 per share, totaling Rs 5,000 crore, in compliance with SEBI's ICDR Regulations."
PNB also reported a significant increase in financial performance during the June quarter, with net interest income (NII) rising over 10 percent year-on-year (YoY) to Rs 10,476.2 crore.
Additionally, the bank's net profit surged by nearly 160 percent year-on-year, reaching Rs 3,251.5 crore compared to Rs 1,255.4 crore in the same period last year.
PNB CEO and MD Atul Kumar Goel said this marks the lender's highest-ever quarterly profit, driven by improvements in key areas such as net interest income, recoveries, and CASA (Current Account Savings Account).
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