On September 27, Punjab National Bank (PNB) announced that it has successfully raised ₹5,000 crore via a Qualified Institutions Placement (QIP).
In a filing with the stock exchange, PNB stated that it allotted 48.2 crore shares to Qualified Institutional Buyers (QIBs) at an issue price of ₹103.75 per share. Major investors in this placement included Citigroup, BofA Securities, SBI Contra Fund, Morgan Stanley, and Goldman Sachs.
Following the announcement, PNB’s shares closed 1.4% higher on the NSE, reaching ₹108.76 each.
“The Capital Raising Committee of the Board approved the allotment of 48.2 crore equity shares to eligible QIBs at an issue price of ₹103.75 per share, totaling ₹5,000 crore, in compliance with SEBI ICDR regulations,” the bank noted in its filing.
In the June quarter, PNB reported a significant increase in its net interest income (NII), which rose over 10% year-on-year to ₹10,476.2 crore. The bank’s net profit also soared nearly 160% compared to the previous year, reaching ₹3,251.5 crore, up from ₹1,255.4 crore.
This marks the lender’s highest quarterly profit to date, driven by improvements across several metrics, including net interest income, recovery rates, and CASA (Current Account Savings Account) deposits, according to Managing Director Atul Kumar Goel.
