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Report: Punjab National Bank raises 50B rupees in share sale

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Report: Punjab National Bank raises 50B rupees in share sale

Punjab National Bank raised 50 billion Indian rupees in its share sale to institutional investors, Reuters reported Dec. 12, citing "sources with direct knowledge of the transaction."

The bank offered the shares, which comprise 14% of its outstanding equity, at 168 rupees apiece. About 50 local and foreign investors subscribed to the stakes, sources said.

The lender has said that proceeds from the issuance will be used to boost its common equity Tier 1 capital.

As of Dec. 12, US$1 was equivalent to 64.56 Indian rupees.