Business Daily from THE HINDU group of publications
Thursday, Feb 01, 2007
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Business Daily from THE HINDU group of publications Thursday, Feb 01, 2007 ePaper |
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Money & Banking
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Public Sector Banks Markets - Public Offer Our Bureau
The bank had last tapped the capital market through a follow-on public offering in 2005. PNB also plans to mop up additional tier-II capital of at least Rs 500 crore by March this year to fund its overseas expansion as well as business growth in the country. It has already raised Rs 2,000 crore in the form of tier-II capital during the current fiscal. "The board today approved a resolution that would enable the bank to raise tier-I equity and reduce the Government's stake from 57.8 per cent to 51 per cent," Mr Gupta said. However, he added that it was an enabling resolution and that the investment committee of the bank would decide the timing and quantum of equity offering in due course. The board has also given its nod to raise up to Rs 1,000 crore of tier-II capital, in addition to the Rs 2,000 crore already raised. "We need additional capital to fund our overseas expansion and meet growth requirements here. There are plans to set up subsidiaries and branches in at least four centres abroad." The Executive Director, Mr K. Raghuraman, said that the bank has estimated a capital requirement of about Rs 200 crore for its UK subsidiary.
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