February 22, 2021
But housing finance arm to go ahead with capital raising plans
Punjab National Bank (PNB) will not be participating in the capital-raise plans of its associate company PNB Housing Finance Limited (PNBHFL). However, despite the promoter PNB not participating, PNBHFL intends to continue to pursue with its proposed plan to raise ₹1,000 crore capital.
This decision by PNB is being seen in banking circles as a consequence of RBI not giving the go ahead to the bank’s application to infuse equity in PNBHFL.
“Punjab National Bank has communicated that it will not be participating in the capital-raise plans of the company. However, the company will continue to pursue with the proposed capital-raising plan through permitted modes,” PNBHFL said in a regulatory filing with the bourses.
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