PNB plans to raise up to Rs 3,000 cr via rights issue, FPO

State owned Punjab National Bank (PNB) today said it plans to raise up to Rs 3,000 crore by way of follow on public offer, rights issue or QIP.

The board of directors of the bank will meet next month to consider the proposal, the bank said in a regulatory filing.

"Meeting of the board of directors of the bank is scheduled to be held on August 1, 2017 for considering raising of capital up to total of Rs 3,000 crore by way of equity issue (follow on public offer/qualified institutions placement/rights issue)," it said in the filing.

The board will also decide on a date for extraordinary general meeting for obtaining shareholders' approval for the fund raising plan, it added.

Stock of PNB closed 2.8 per cent down at Rs 154.35 on BSE today.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)