In a meeting held on January 29, the board of state-owned Punjab National Bank (PNB) approved the decision to raise Rs 7,500 crore through Qualified Institutions Placement (QIP) or Follow-on Public Offer (FPO) during the fiscal year 2024-25.
The funds will be raised in one or more tranches, and the bank aims to ensure that the Government of India’s shareholding does not dip below 52 percent, according to a regulatory filing by PNB.