Punjab National Bank to issue Equity Capital on preferential basis to Government of India

The Chairman & Managing Director of Punjab National Bank, as per authority delegated by the Board, has approved the issuance of Equity Shares of face value of Rs. 10/- each for an amount upto Rs. 500 crore, at such price as may be decided as per SEBI (ICDR) Regulations, 2009, on preferential basis in favour of Government of India, subject to necessary approvals.

The Board approved holding of EGM of Shareholders of the Bank on December 16, 2013 at 11.00 AM at Punjab National Bank Auditorium, Central Staff College, 8, Under Hill Road, Civil Lines, Delhi-110054 for the purpose of seeking approval of Shareholders for issuance of Equity Shares on preferential basis in favour of Govt. of India.

November 15, 2013 has been as cut-off date to attend and vote at the EGM.

Shares of Punjab National Bank was last trading in BSE at Rs.570.45, up by Rs.26.15 or 4.80%. The stock hit an intraday high of Rs.587.75 and low of Rs.545.

The total traded quantity was 6.55 lakhs as compared to 2 week average of 3.76 lakhs.

Source : Equity Bulls

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