PNB stock gains as board clears plan to raise Rs 7,500 cr through QIP or FPO

As per the exchange filing, the fundraising exercise will be done in one or more tranches during the next financial year

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Punjab National Bank (PNB) shares gained 1 percent to Rs 96 per share on December 29 after the bank’s board cleared a proposal to raise Rs 7,500 crore from a qualified institutional placement (QIP) or FPO.

So far this year, the stock of this PSU Bank surged over 68 percent, making it the top performer in the Bank Nifty index. The PNB shares hit a 52-week high of Rs 97 on December 28, 2023.

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The fundraising exercise will be done in one or more tranches in the next financial year, according to the exchange filing. “The board of directors, during a meeting on December 28, approved the proposal for raising equity capital for an amount aggregating up to Rs 7,500 crore in one or more tranches during 2024-25 through Qualified Institutional Placement (QIP) or Follow-on Public Offering (FPO) or any other permitted mode or a combination,” the filing read.

Also read: PSU banks set for re-rating, Motilal Oswal raises target prices for SBI, PNB, BoB

Analysts at Sharekhan expect PNB’s fast improvement in asset quality and strong outlook to help in faster normalisation of credit cost, thereby improving the visibility for improvement in return ratios. The brokerage firm retained a ‘buy’ call on PNB, with a target price of Rs 105 per share.

“The bank has been guiding that quality of loans sanctioned/disbursed in post-Covid times is far superior with very low delinquency. Thus, lower slippages trends is likely to sustain and narrow the perceived gap in underwriting with respect to peers,” Sharekhan said in an earlier note.

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