Punjab National Bank to issue 1.51 million shares to govt

Punjab National Bank would issue 1.51 million shares to the government on a preferential basis, at Rs 1,218.8 apiece, the bank said in a notice to the stock exchanges on Thursday. The government will infuse Rs 184 crore into the bank through this allotment. Following this, the government’s stake in the bank will increase to a little over 58 per cent, as against the 57.8 per cent now. PNB would seek shareholder approval for the allotment at an extraordinary general meeting on Monday.

Source: Business Standard