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The bank will raise up to Rs 7,500 crore through Qualified Institutions Placement or a Follow-on Public Offer while ensuring that the government's stake does not fall below 52 percent
Shares of Punjab National Bank (PNB) extended gains for the fourth straight session to hit their 52-week high today, on the back of strong Q3FY24 results and a fundraising plan. Despite this, Elara retained its ‘sell’ call on the lender.
Going by revised guidance, the fourth quarter profit would be upwards of Rs 2,000 crore as well. In the third quarter ended December 2023, the bank earned a profit of Rs 2,223 crore, registering an over 253 per cent jump over the same quarter a year ago.
During the quarter, the net interest income (NII) grew by 17.6 percent to Rs 9,179 crore while operating profit increased by 12.6 percent to Rs 5,716 crore on a YoY basis, PNB managing director Atul Kumar Goel said.
Sharma is presently the Joint Secretary in Ministry of Finance’s Department of Financial Services