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HomePersonal FinancePunjab National Bank shares break over 8%, shares fall due to issuance...

Punjab National Bank shares break over 8%, shares fall due to issuance of QIP

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The bank’s Capital Rising Committee decided to issue QIP on Tuesday and fixed the floor price at Rs 37.35 per share, which is 7% below Tuesday’s closing price.

Shares of Punjab National Bank fell 8.14 per cent on Wednesday. However, its shares have started trading slightly at Rs 38.45, down 5.30 per cent. The bank on Tuesday issued a Qualified Institutional Placement (QIP) to institutional investors to raise funds.

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At 11.20 am, Punjab National Bank was trading at Rs 38.30, down 5.44 percent. While the Sensex is trading up 0.54 percent at 46512.67.

The bank’s Capital Rising Committee had decided to issue QIP on Tuesday. The floor price of QIP has been set at Rs 37.35 per share. This floor price was set 7.89 percent below Tuesday’s closing price. The effect of this was reflected in the shares of Punjab National Bank today.

The meeting of the capital raising committee of the bank will now be held on Friday. Earlier in August, the bank had an annual meeting in which the shareholders allowed to raise Rs 10,000 crore through equity and debt.

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PNB’s net profit for the third quarter ended September 30 increased by 22.4 percent to Rs 620.81 crore from the same quarter last year. The bank had a profit of Rs 507 crore in the September quarter a year ago.



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