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PNB seeks consultants to promote financial institution’s actual property belongings

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Apart from sale of immovable properties, PNB has acquired board approval for elevating Rs 14,000 crore by way of market devices.

Punjab National Bank (PNB) is seeking to appoint consultants who will assist determine the financial institution’s actual property belongings on the market and perform the sale course of. Sources near the event mentioned properties on the market – each land and buildings – are being recognized on an ongoing foundation.

PNB was one of many anchor banks which amalgamated smaller banks within the final spherical of mergers. Effective April 1, Oriental Bank of Commerce (OBC) and United Bank of India stand merged with PNB and the sale train could also be aimed toward higher administration of the actual property portfolio of the merged entity. The sale might be carried out for 2 classes of belongings. Category A will encompass properties priced between Rs 25 crore and Rs 150 crore whereas Category B will comprise belongings value greater than Rs 150 crore.

After PNB’s Q1FY21 outcomes, chief government SS Mallikarjuna Rao instructed analysts that the financial institution had already recognized sure actual property belongings on the market, particularly these the place there may be duplication of branches and workplaces. “While specifically the OBC head office we will be retaining, but if you are aware in Bhikaji Cama (Place), we were having an old head office that we have already identified for sale and one floor was already sold and other things are in the line,” Rao mentioned, including that PNB has recognized belongings value Rs 500 crore on the market by March 31, 2021.

Apart from sale of immovable properties, PNB has acquired board approval for elevating Rs 14,000 crore by way of market devices. Of this, Rs 4,000 crore is to be raised by way of tier-II bonds, Rs 3,000 crore by way of extra tier-I (AT-I) bonds and Rs 7,000 crore through a certified institutional placement (QIP).

The financial institution raised tier-II bonds value Rs 994 crore in July and Rs 1,500 crore in October. It plans to boost one other Rs 1,500 crore through tier-II bonds and the total quantity of AT-I bonds by the top of the present month. The QIP is more likely to be launched within the second or third week of December, Rao mentioned.

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