PNB to consider fundraising plan for FY23 on March 29

Punjab National Bank on Monday stated that its board will convene a board meeting later this month to decide on its capital raising plan through debt for the next fiscal year.

''The meeting of the board of directors of the company is scheduled on 29 March 2022, to consider and approve the proposal for raising of capital through the issuance of Basel-III compliant additional tier-1 bonds and/or tier-2 bonds or a combination thereof, in one or more tranches for FY2022-23,'' PNB said in a regulatory filing.

However, the bank has not provided details on how much capital it is planning to raise via debt in 2022-23.

Shares of PNB closed at Rs 35.70 apiece on BSE, down by 0.83 per cent from the previous close.

PNB had reported a two-fold jump in standalone net profit at Rs 1,126.78 crore for the third quarter ended December.

The state-owned bank had earned a net profit of Rs 506.03 crore in the year-ago period.

However, total income during October-December 2021 declined to Rs 22,026.02 crore as against Rs 23,298.53 crore in the year-ago period.