FinMin clears decks for PNB, BoM to raise Rs 10,000 cr via QIP in FY25

Receives similar proposals from Union Bank of India, UCO Bank, Indian Overseas Bank

The Union Ministry of Finance has approved the proposals of Punjab National Bank (PNB) and Bank of Maharashtra (BoM) to cumulatively raise Rs 10,000 crore through Qualified Institutional Placement (QIP) in 2024-25, a senior government official familiar with the matter said.

“We have given the approval for PNB and BoM to raise Rs 5,000 crore each through QIP in FY25. Both banks have conducted road shows in places such as Hong Kong,” said the senior government official.

The annual general meetings (AGMs) of PNB and BoM had earlier approved raising Rs 7,500 crore each by selling shares