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Punjab National Bank Related news

RBI registers FIR against Punjab National Bank for depositing fake notes

RBI registers FIR against Punjab National Bank for depositing fake notes

The Ghaziabad police have registered a first information report against Punjab National Bank's Modi Nagar branch for allegedly depositing fake currency notes during the note ban. Police have registered a case on the basis of a complaint filed by the Reserve Bank of India, Kanpur.

According to the police, after Prime Minister Narendra Modi had announced that the Rs 500 and Rs 1,000 notes will be withdrawn from the financial system in 2016.

PNB floats Rs 5,000-cr QIP, sees 14% equity dilution

PNB floats Rs 5,000-cr QIP, sees 14% equity dilution

State-run lender Punjab National Bank launched a Rs 5,000-crore fund-raising programme late on Monday evening through qualified institutional placement (QIP) of shares at a likely price of Rs 168 per share in a move that will shore up the bank’s capital adequacy ratio (CAR). The base size of the QIP is Rs 3,000 crore or 17.9 crore shares, with an option to retain an additional Rs 2,000 crore through issue of another 11.9 crore shares.

Punjab National Bank launches up to $777 million share sale

Punjab National Bank launches up to $777 million share sale

Indian state-run Punjab National Bank has launched a share sale to qualified institutions to raise at least 30 billion rupees ($466.2 million) with an upsize option for another 20 billion rupees, according a source and a deal term sheet.

Punjab National Bank, the second-biggest state-run lender in the country, is looking to sell the shares at an indicative price of 168 rupees each, according to the source and the term sheet.

PNB, Indian Bank, Syndicate Bank likely to launch QIPs this month

PNB, Indian Bank, Syndicate Bank likely to launch QIPs this month

Mumbai: At least three state-run lenders—Punjab National Bank (PNB), Syndicate Bank and Indian Bank—are likely to launch their qualified institutional placement (QIP) offerings in the coming weeks, said three people aware of the development. Collectively, these three state-owned lenders are targeting to raise around Rs6,000-7,000 crore.

QIP is a capital-raising tool through which listed companies can sell shares, fully and partly convertible debentures, or any securities other than warrants that are convertible into stocks, to a qualified institutional buyer.

PNB follows SBI in raising bulk deposit rates

PNB follows SBI in raising bulk deposit rates

State-owned Punjab National Bank (PNB) has raised its interest rate on bulk deposits over Rs 1 crore by 50 basis points, to five per cent, a day after the country’s largest lender, State Bank of India, decided to raise its rate on these deposits across tenors by 100 bps. Bulk deposits are those of at least Rs 1 crore.

These increases come a few days ahead of the Reserve Bank’s bi-monthly policy review, on Wednesday. The earlier review saw the policy rate unchanged at six per cent.

PNB to close or relocate up to 300 branches

PNB to close or relocate up to 300 branches

New Delhi-based public sector lender Punjab National Bank is planning to rationalise its branch network by shutting down or relocating up to 300 loss-making branches over the next 12 months.

Sunil Mehta, managing director and chief executive, said turning loss-making branches into profit-making units by tweaking the business strategy was priority.

Punjab National Bank's credit costs to stay high in Q2

Punjab National Bank's credit costs to stay high in Q2

Facing same predicament like most public sector lenders, Punjab National Bank’s credit costs might stay elevated for the second quarter ended September 2017. Credit cost is the amount set aside for bad loans. However, the pace of slippages, advances becoming bad loans, is expected to moderate.

While operating profits will see traction or improvement, the tepid demand for credit will be a drag on interest income, a key component in revenues, said an analyst.

SBI, PNB, PSU bank stocks rally up to 40% on Modi government’s Rs 2.11 lakh crore recapitalisation

SBI, PNB, PSU bank stocks rally up to 40% on Modi government’s Rs 2.11 lakh crore recapitalisation

Shares of PSU banks rallied heavily on Wednesday following Modi government’s plan to recapitalise the lenders with a huge capital size of Rs 2.11 lakh crore. The stocks of all the listed state-run banks on the PSU bank index of NSE traded in green today with a maximum rise of up to 40%. About Rs 7,300 crore worth of shares exchanged hands on the Nifty PSU Bank index within an hour trade which is Rs 2,300 crore (approx) short of Rs 9,600 crore turnover of Nifty as at 10:17 am. India’s largest bank by asset size and loan book — State Bank of India — jumped as much as 24.56% to hit the 52-week high of Rs 316.95.

Punjab National Bank planning QIP to raise $250-300 million

Punjab National Bank planning QIP to raise $250-300 million

Mumbai: State-owned Punjab National Bank (PNB) plans to raise equity capital through a qualified institutional placement (QIP) that could see the lender raise as much as $250-300 million, said two people aware of the development.

PNB is among the several state-owned banks that have planned to tap the capital markets to raise funds in order to recapitalize balance sheets laden with bad loans.

PNB plans to raise up to Rs 5,000 cr from market to fund growth

PNB plans to raise up to Rs 5,000 cr from market to fund growth

Punjab National Bank today said it plans to raise up to Rs 5,000 crore equity capital from the markets to fund growth.

The public sector bank however did not give any indication as to whether it would be raised by diluting government equity or issuing Additional Tier-1 (AT1) bonds.

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