Multibagger PSU Bank To Mull Fund Raising On Dec 28, Shares Fall 2.21% In 1-Week

Public sector lender Punjab National Bank (PNB) is planning to raise funds and scheduled a meeting of Board of Directors for the same on December 28, according to its BSE filing issued on December 22, 2023.

Last trading price of PNB share on BSE is Rs 89.22 apiece with intraday fall of 0.68%. PNB shares witnessed a surge of 74% in last 6-months and soared 138% in last 2-years. Check details below:

PNB To Consider Fund Raise On December 28: As per the regulatory filing of the company dated December 22, 2023, "Pursuant to Regulation 29(1 )(d) and 50(1 )(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Exchange is hereby informed that a meeting of the Board of Directors of the Bank is scheduled on Thursday, 28 December, 2023 for inter alia considering the proposal for fund raising through any of the permitted mode(s) or a combination thereof during FY 2024-25. Further, in terms of SEBI (Prohibition of Insider Trading) Regulations, 2015 as amended, the Trading Window for all the Designated Persons and Insiders will be closed from 26.12.2023 till 30.12.2023."

PNB Stock Performance & Return: The stock's 52-week high price is Rs 92.35 per share and 52-week low price is Rs 44.41 per share, respectively. The company has a market capitalisation of Rs 98,240.28 crore. PNB shares gained 56% year-to-date, soared 66% in last 1-year, rallied 166% in last 3-years, and offered return of 17% in last 5-years. In last 10-years, PNB shares fell 25%.

PNB Financials: The leading bank announced a surge of 327% in its net profit year-on-year (YoY) at Rs 1756 crore for the quarter ended September 2023 as against Rs 411.27 crore in the corresponding quarter of last year. Meanwhile, its net interest income or NII (difference between interest earned from lending activities and interest paid) soared to Rs 9923 crore in September quarter of current financial year. The company's operating profit jumped 11.66% to Rs 6216.43 crore in Q2 as against Rs 5567 crore corresponding quarter of last fiscal.

PNB About: Punjab National Bank (PNB), India's first Swadeshi Bank, commenced its operations on April 12, 1895 from Lahore, with an authorized capital of Rs 2 lakh and working capital of Rs 20,000. The Bank was established by the spirit of nationalism and was the first bank purely managed by Indians with Indian Capital. During the long history of the Bank, 9 banks have been merged/ amalgamated with PNB, according to its official website.

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