Punjab National Bank trades firm after QIP launch

The stock was up 1% at Rs 175, was the largest gainer among Nifty PSU Bank index at 11:59 AM.

Punjab National Bank (PNB) was trading firm, up 1% at Rs 175 on the National Stock Exchange (NSE), after state-owned bank announced the opening of the qualified institutions placement (QIP).

The shareholders of the bank at their extra ordinary general meeting (EGM) held on December 4, 2017 approved the raising of common equity tier-I capital of the bank in aggregating not exceeding Rs 5,000 crore including premium by way of FPO (Follow on Public Offer)/ QIP (Qualified Institutional Placement) /Rights Issue/ ESOP (Employees Stock Option Plan) and/ or any other mode or combination(s) thereof, as may be decided by