Financial Daily from THE HINDU group of publications
Wednesday, Dec 22, 2004
Financial Daily from THE HINDU group of publications Wednesday, Dec 22, 2004 |
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Money & Banking
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Public Offer Markets - Public Offer PNB awaiting nod for second public offer — Sees no need for ADR/GDR issues Our Bureau
Dr K.C. Chakrabarty (left), Executive Director, PNB, with Mr Anil Kapur, Regional V-P, South Asia, Western Union, at a press conference in the Capital on Tuesday. - - Kamal Narang
New Delhi , Dec. 21 HAVING completed all formalities for its second public offer, Punjab National Bank is awaiting the Government's nod to hit the capital market. "We are waiting for the Government's nod. If it tells us to go for the issue tomorrow, we can even do that," said Mr K.C. Chakrabarty, Executive Director. Speaking to newspersons on the sidelines of signing of an agreement with Western Union, the money transfer services company, Mr Chakrabarty said that there was no move to tap the overseas capital market. "When we can raise the required capital in the domestic market, what is the need to go for GDR or ADR issues?" PNB intends to sell five crore shares through its second public offer. Mr Chakrabarty said that the bank expects advances to grow by 23.4 per cent to Rs 58,000 crore this fiscal from Rs 47,000 crore last fiscal. Deposits are likely to grow by 16 per cent to Rs 1,00,000 crore this fiscal from Rs 86,000 crore in 2003-04. On whether PNB was looking acquisitions, he said that no such move was there currently. "We are not thinking about acquisition unless second offer comes and we mop up the capital and meet Basle-II norms," he added.
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