PNB QIP in 2024 is getting attention among the retail investors of the Indian stock market. The Punjab National Bank (PNB) is planning to raise around ₹7,500 Crore via Qualified Institutions Placement (QIP) or Follow-on Public Offer (FPO) during 2024-25. The news came into the headlines after the market hours. In today’s market session, the PNB share price surged to over 2.78%. Let’s discuss everything here with all the details about this QIP/FPO.
Today, the board of Punjab National Bank has approved raising ₹7,500 Crore funds through QIP/FPO in various tranches during the financial year 2025. As per the rules, the bank can raise the funds through selling shares but they make sure that government holdings will not fall below 52 percent. Now what will be the impact of this news on the share price, will be seen in the market hours.
Also, there will be a general meeting on video conferencing which will be held in March on Tuesday, 5 March. In this meeting, the shareholders can vote for this fundraising and QIP/FPO decision approval from the Board. The board of directors of Punjab National Bank approved this QIP in the Capital generation plan. Most probably, this will be a great opportunity for the retail investor because we may see a little fall in the share price. The bank has not revealed the use of funds through this Qualified Institutions Placement (QIP).