PNB to issue shares worth Rs.1285 crore to Government of India

The Board of Directors of Punjab National Bank at its meeting held on January 30, 2012, has approved the issue of Equity Shares of Face Value of Rs. 10/- each at such price as may be decided as per SEBI (ICDR) Regulations, 2009, on preferential basis in favour of Government of India, aggregating to Rs. 1285/- crore, subject to necessary approvals.

The Board approved holding of Extraordinary General Meeting of shareholders of the Bank on March 20, 2012 at 11.00 a.m. at Punjab National Bank Auditorium, Central Staff College, 8, Underhill Road, Civil Lines, Delhi - 110054, for the purpose of seeking approval of shareholders for issuance of Equity Shares of Face Value of Rs. 10/- each at such price as may be decided as per SEBI(ICDR) Regulations, 2009, on preferential basis in favour of Government of India, aggregating upto Rs. 1285/- crore, subject to necessary approvals and to elect three directors from amongst shareholders of the Bank other than the Central Government in terms of Section 9(3) (i) of the Banking Companies (A&TU) Act, 1970 read with the Banking Regulation Act, 1949, the Nationalised Banks (Management & Misc. Provisions) Scheme, 1970 and Punjab National Bank (Shares & Meetings) Regulations, 2000, Notifications dated November 01, 2007 and May 23, 2011 of Reserve Bank of India.

The Punjab National Bank stock was trading at Rs.955.90, down by Rs.15.40 or 1.59%. The stock hit an intraday high of Rs.977.70 and low of Rs.953.65.

The total traded quantity was 0.41 lakhs compared to 2 week average of 0.47 lakhs.

Source : Equity Bulls

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