Punjab National Bank Shares Jump On Subsidiary's IPO Plan

State-run Punjab National Bank shares jumped 4 per cent on Thursday, after its subsidiary PNB Housing Finance filed a prospectus for a Rs 2,500 crore initial public offer (IPO). Punjab National Bank owns 51 per cent stake in PNB Housing Finance. Post IPO, PNB's stake is likely to come down to 35-37 per cent. For the year ended March 2016, PNB Housing Finance reported a profit after tax of Rs 327.57 crore while revenue from operatio...