The board of directors of the bank approved the holding of extraordinary meeting on February 13 for seeking shareholder approval for raising of equity capital by way of FPO/QIP/ESPS or in any combination thereof.
Shares of Punjab National Bank advanced as much as 1.9 percent intraday Friday as the public sector bank sought shareholders' approval for raising equity capital.
"The board of directors of the bank approved the holding of extraordinary meeting on February 13 for election of three shareholder directors of the bank and seeking shareholder approval for raising of equity capital by way of FPO/QIP/ESPS or in any combination thereof," said the bank in its filing to the exchange.
Further, the board also decided to fix January 09, 2015 as cut-off date to ascertain entitlement of shareholders to receive notice, attend and vote at EGM and nominate candidates/contest election.
Government currently holds 58.87 percent stake in PNB.
At 11:27 hours IST, the stock was quoting at Rs 223.25, up Rs 3.40, or 1.55 percent on the Bombay Stock Exchange.
Posted by Sunil Shankar Matkar
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