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Punjab National Bank seeks to raise up to 100B rupees in fiscal 2019

Punjab National Bank has set a target of raising up to 100 billion Indian rupees in the fiscal year ending March 31, 2020, from noncore asset sales, share issues and expected write-backs, Press Trust of India reported May 30.

The state-run bank is looking to raise 10 billion rupees from the sale of noncore assets, including its erstwhile headquarters in south Delhi, said Managing Director and CEO Sunil Mehta. The bank will seek to raise 40 billion rupees via expected write-backs of Essar Steel and Bhushan Power and Steel accounts that are undergoing insolvency proceedings. Further, it wants to raise 50 billion rupees either through a rights issue or a qualified institutional placement.

Meanwhile, the bank has set a recovery target of 200 billion rupees in the current fiscal year.

Punjab National Bank narrowed its net loss in the quarter ended March 31 by nearly 65% to 47.50 billion rupees from 134.17 billion rupees in the prior-year quarter.

As of May 29, US$1 was equivalent to 69.87 Indian rupees.