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Punjab National Bank (PNB) has started the process of raising up to Rs.5,000 crore via qualified institutional placement (QIP).
In a regulatory filing to the exchanges PNB stated that, the committee of directors at a meeting approved opening of the QIP for capital mop up.
PNB has approved the floor price of Rs.176.35 per share of face value of Rs.2. Moreover, it has already received approval from the board, before sometime to mobilize Rs.5,000 crore via various instruments, during 2017-18.
