State-owned Punjab National Bank ( PNB) has raised Rs1,589.90 crore by issuing shares to Life Insurance Corporation ( LIC) on preferential basis.
On receipt of allotment money of Rs1,589.90 crore from LIC, the bank has allotted 1.58 crore (1,58,40,607) shares of the face value of Rs10 each at a premium of Rs993.69 to the insurer on preferential basis, the bank said in a filing to the BSE.
PNB is in the process of issuing up to 1.28 crore shares to the government, which holds 58% in the bank.
Last year, PNB got a capital infusion of Rs184 crore from the government.
In 2010-11, the government provided capital support to the tune of Rs20,157 crore to public sector banks.
....more info
On receipt of allotment money of Rs1,589.90 crore from LIC, the bank has allotted 1.58 crore (1,58,40,607) shares of the face value of Rs10 each at a premium of Rs993.69 to the insurer on preferential basis, the bank said in a filing to the BSE.
PNB is in the process of issuing up to 1.28 crore shares to the government, which holds 58% in the bank.
Last year, PNB got a capital infusion of Rs184 crore from the government.
In 2010-11, the government provided capital support to the tune of Rs20,157 crore to public sector banks.
....more info