PNB to issue 1509657 shares to GOI at Rs.1218.82

Punjab National Bank has announced with reference to Board's approval for issuance / allotment of 15,10,000 Equity Shares of Rs. 10/- each at a premium of Rs. 1209/- per Equity Share aggregating to Rs. 184,06,90,000/- in favour of Government of India (GOI) on preferential basis, subject to shareholders' approval in Extra ordinary General Meeting on March 28, 2011.

GOI vide letter dated March 15, 2011 has directed the Bank that they will infuse Rs. 184 crores in Bank's Capital. As such Equity Shares proposed to be issued/allotted in favour of GOI works out to 15,09,657 of Rs. 10/- each at a premium of Rs. 1208.82 per Equity Share aggregating Rs. 184.00 crores (i.e. Issue price of Rs. 1218.82 per Equity Share), subject to shareholders' approval in EGM / other approvals.

The stock was trading at Rs.1121, up by Rs.11.05 or 1%. The stock hit an intraday high of Rs.1133 and low of Rs.1112.50.

The total traded quantity was 0.26 lakhs compared to 2 week average of 0.23 lakhs.

Source : Equity Bulls

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