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NEW DELHI: Shares of Punjab National Bank gained 1 per cent in Monday's trade after the bank said it will hold a roadshow on Monday and Tuesday for the proposed Rs 7,000 crore qualified institutional placement (QIP) issue .
The bank will be participating in the non-deal roadshow, PNB said in a regulatory filing.
The bank has taken approval for raising Rs 7,000 crore through qualified institutional placement (QIP) route this fiscal. In a non-deal roadshow, nothing is for sale, a bank official told PTI, adding it is an opportunity to discuss and develop interest in an upcoming offer.
Following the development, the stock rose 1.26 per cent to Rs 36.10 on BSE.
The bank has already taken approval from the board for raising Rs 14,000 crore by way of Tier II, Additional Tier 1 (AT-1) bonds and QIP (Qualified Institutional Placement), PNB Managing Director S S Mallikarjuna Rao had said last month.
"Of this, Rs 4,000 crore is for Tier II. Against this, we have raised Rs 2,500 crore and remaining Rs 1,500 crore and additional Rs 3,000 crore from AT-1 bonds will be raised before November 30. With respect to QIP of Rs 7,000 crore, we are planning to go to the market in the second or third week of December. It would depend on the book running lead manager (BRLM) and roadshows," he had said.
With this fund mobilisation, capital-to-risk-weighted assets ratio, which was at 12.8 per cent at the end of September 2020 quarter, would go up to 13.5-14 per cent.
The bank will be participating in the non-deal roadshow, PNB said in a regulatory filing.
The bank has taken approval for raising Rs 7,000 crore through qualified institutional placement (QIP) route this fiscal. In a non-deal roadshow, nothing is for sale, a bank official told PTI, adding it is an opportunity to discuss and develop interest in an upcoming offer.
Following the development, the stock rose 1.26 per cent to Rs 36.10 on BSE.
The bank has already taken approval from the board for raising Rs 14,000 crore by way of Tier II, Additional Tier 1 (AT-1) bonds and QIP (Qualified Institutional Placement), PNB Managing Director S S Mallikarjuna Rao had said last month.
"Of this, Rs 4,000 crore is for Tier II. Against this, we have raised Rs 2,500 crore and remaining Rs 1,500 crore and additional Rs 3,000 crore from AT-1 bonds will be raised before November 30. With respect to QIP of Rs 7,000 crore, we are planning to go to the market in the second or third week of December. It would depend on the book running lead manager (BRLM) and roadshows," he had said.
With this fund mobilisation, capital-to-risk-weighted assets ratio, which was at 12.8 per cent at the end of September 2020 quarter, would go up to 13.5-14 per cent.
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