Public lender Punjab National Bank today said it has initiated the process of raising up to Rs 5,000 crore through qualified institutional placement (QIP).
The committee of directors for capital mop-up at a meeting today approved opening of the QIP, Punjab National Bank (PNB) said in a regulatory filing on stock exchanges.
The bank has approved the floor price of Rs 176.35 per share of face value Rs 2, it said.
The board of the bank had already given approval a few weeks ago to mobilisation of Rs 5,000 crore through various instruments, including rights issue and private placement, during 2017-18.
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