PNB to issue shares to GOI and LIC at Rs.1003.69

The Board of Directors of Punjab National Bank at its meeting held on February 22, 2012, has approved issuance of upto 1,28,02,757 equity shares of face value of Rs. 10/- each to GoI & upto 1,58,40,607 equity shares of face value of Rs. 10/- each to LIC of India, on preferential basis, at a premium of Rs. 993.69 determined as on February 17, 2012 being the Relevant Date in terms of SEBI ICDR Regulations, subject to all necessary Regulatory approvals and compliance with the SEBI ICDR Regulations, 2009.

The Board also approved proposal to seek approval of shareholders for issuance of equity shares to LIC of India in the Extraordinary General Meeting of shareholders of the Bank scheduled to be held on March 20, 2012.

The Punjab National Bank stock closed the day at Rs.1006.15, down by Rs.20.15 or 1.96%. The stock hit an intraday high of Rs.1036 and low of Rs.999.

The total traded quantity was 0.29 lakhs compared to 2 week average of 0.50 lakhs.

Source : Equity Bulls

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