Shares of Punjab National Bank were last trading 2.67 per cent lower at Rs 34.65 on BSE.Share price of Punjab National Bank (PNB) edged lower by around three percent on Tuesday, Might 11, a day after the business's board approved raising equity capital from investors to enhance the capital base.
On Tuesday, Might 11, Punjab National Bank opened on the BSE at Rs 35, experiencing an intra day high of Rs 35.35, and an intra day low of Rs 33.75, in the trading session up until now.
According to a statement shared by the bank to the BSE, the board has actually authorized raising equity capital from certified institutional financiers or QIP to strengthen its capital base.Punjab National Bank specified that for the Qualified Institutional Placement functions, the bank has fixed the floor price at Rs 35.51 per equity share.
The declaration stated that date for the function of the QIP is May 10, 2021, and the floor price with respect to the QIP, based on the pricing formula under the SEBI regulation is Rs 35.51 per equity share.
Punjab National Bank might provide a discount rate of not more than five percent on the flooring cost, at its discretion.Additionally, a conference of the capital raising committee is set up to be held on Friday, May 14, 2021, to consider and figure out the problem cost, including a discount rate for the equity shares to be allocated to the eligible competent institutional purchasers.
On the NSE, Punjab National Bank opened at Rs 34.85, touching an intra day high of Rs 35.35, and an intra day low of Rs 33.75, in the session so far.
It was last trading 2.53 percent lower at Rs 34.70 on the NSE.Shares of Punjab National Bank were last trading 2.67 per cent lower at Rs 34.65 on the BSE.