Money & Banking

PNB Board approves capital raising of upto Rs 3,000 crore via Tier-I bonds

K R Srivats New Delhi | Updated on September 27, 2019 Published on September 27, 2019

File photo   -  Reuters

Punjab National Bank’s (PNB) Board has given its nod for capital raising of upto Rs 3,000 crore.

The fund raising will happen in the form of Additional Tier-I Basel-III compliant perpetual bonds amounting up to Rs 3,000 crore in or more tranches, PNB said in a late evening filing with stock exchanges.

Meanwhile, PNB has deferred the extra ordinary general meeting (EGM) earlier scheduled for October 22 due to technical reasons. This EGM of shareholders was to consider approval of the amalgamation of Oriental Bank of Commerce and United Bank of India with PNB. The EGM was also expected to approve the Centre’s capital infusion of Rs 18,000 crore in PNB through preferential allotment of equity shares.

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Published on September 27, 2019
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