The Board of Directors of Punjab National Bank (PNB) in its meeting held today, i.e. on 05.09.2019 has considered and decided to give its "In-principle approval" for amalgamation of the Oriental Bank of Commerce (OBC) and United Bank of India into Punjab National Bank and commence the amalgamation process for the same, subject to all applicable approvals.
The board meeting follows GoI letter dated 30.08.2019 wherein Punjab National Bank, Oriental Bank of Commerce and United Bank of India were advised to consider amalgamation of the three banks.
Further, in the meeting today the Board has also approved the Capital infusion of upto Rs. 18,000 Crores (Rupees Eighteen Thousand Crores Only) by Government of India for preferential allotment of equity shares of Bank at a price determined in terms of SEBI (ICDR) Regulations and holding of Extra General Meeting (EGM) on Tuesday, 22 nd October 2019, at 10.00 A.M. at PNB, Head Office, Plot No 4, Sector-10, Dwarka, New Delhi - 110075, for obtaining approval of shareholders.
Shares of PUNJAB NATIONAL BANK was last trading in BSE at Rs.59.9 as compared to the previous close of Rs. 59.4. The total number of shares traded during the day was 2294360 in over 5420 trades.
The stock hit an intraday high of Rs. 60.35 and intraday low of 58.75. The net turnover during the day was Rs. 137096214.