Punjab National Bank Approves Rs 7,500-Crore Fundraise Plan For FY25

Punjab National Bank will raise up to Rs 7,500 crore in one or more tranches during the next financial year.

The lender's board approved the proposal at its meeting on Thursday.

The funds will be raised through qualified institutional placement or follow-on public offer or any other mode during FY25, subject to receipt of requisite approval, according to an exchange filing.

In a separate filing, PNB also said it secured Rs 1,153 crore via bonds on a private placement basis, at a coupon rate of 8.55% per annum.

Shares of Punjab National Bank surged over 6% to hit four-year highs during intraday trade backed by heavy volume. The scrip pared gains and closed 4.21% higher at Rs 95.63 apiece on Thursday ahead of the announcement, as compared with a 0.52% advance in the benchmark BSE Sensex.