The Capital Raising Committee of the financial institution at a gathering held on Tuesday authorised the opening of the QIP problem and accredited the ground value at Rs 37.35 per fairness share, PNB stated in a regulatory submitting.
The financial institution might at its discretion supply a reduction of no more than 5 per cent on the ground value, it added.
PNB stated the committee will meet on Friday to think about and decide the problem value for the fairness shares, together with a reduction, if any, to be allotted to Qualified Institutional Buyers, pursuant to the QIP (certified institutional placement).
With this fund mobilisation, capital-to-risk-weighted property ratio of the financial institution, which was at 12.eight per cent on the finish of September quarter, would improve to 13.5-14 per cent.
PNB inventory closed 1.70 per cent down at Rs 40.55 on BSE.