Indian lender PNB looking to raise up to $931m via share sale

Photo: Reuters

Punjab National Bank is looking to raise equity capital up to 7,000 crore via share sale as it looks to strengthen its balance sheet in a pandemic induced environment.

In an exchange filing, the state-owned bank said that it will raise a total of 10,000 crore of capital via shares and tier 2 bonds. The 7000 crore of equity capital will be raise through qualified institutional placement (QIP), follow on public offer (FPO) or rights issue.

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