Punjab National Bank Edges Lower After Board Approves Raising Equity Capital

Punjab National Bank Share Price: On Tuesday, May 11, Punjab National Bank opened on the BSE at Rs 35, witnessing an intra day high of Rs 35.35, and an intra day low of Rs 33.75

Share price of Punjab National Bank (PNB) edged lower by around three per cent on Tuesday, May 11, a day after the company's board approved raising equity capital from investors to enhance the capital base. On Tuesday, May 11, Punjab National Bank opened on the BSE at Rs 35, witnessing an intra day high of Rs 35.35, and an intra day low of Rs 33.75, in the trading session so far. According to a statement shared by the bank to the BSE, the board has approved raising equity capital from qualified institutional investors or QIP to strengthen its capital base. Punjab National Bank stated that for the Qualified Institutional Placement purposes, the bank has fixed the floor price at Rs 35.51 per equity share. On the NSE, Punjab National Bank opened at Rs 34.85, touching an intra day high of Rs 35.35, and an intra day low of Rs 33.75, in the session so far. It was last trading 2.53 per cent lower at Rs 34.70 on the NSE.