Punjab National Bank (PNB) on Thursday said it has terminated the share purchase agreements (SPAs) made with Varde Holdings and General Atlantic for a 13% stake sale in PNB Housing Finance, which was announced on March 29.
According to latest shareholding pattern on the BSE, PNB holds a 32.79% stake in the housing finance firm. Had the deal gone through, PNB’s stake would have reduced by 13% to 19.79%.
PNB Housing Finance on Thursday reported a 51% year-on-year (y-o-y) growth in net profit to Rs 378 crore for the quarter ended March 31, led by increase in fee income and lower provisions. In the same quarter last year, the mortgage lender posted a net profit of Rs 252 crore.
Earlier this month, CARE Ratings put PNB Housing Finance on credit watch with developing implications due to requirement to raise money to maintain comfortable capital adequacy.
PNB Housing Finance Thursday said it will raise up to USD 1 billion (around Rs 6,954 crore) from foreign markets, and additional Rs 10,000 crore by issuing bonds.
The board meeting scheduled for May 9 will consider approval of "fund raising by way of external commercial borrowings up to USD 1 billion in one or more tranches", PNB Housing Finance said in a regulatory filing.
With investigations into Nirav Modi scam in full swing, Punjab National Bank (PNB) has unearthed yet another default from its London branch. The bank has moved the Debt Recovery Tribunal (DRT) against Tarapur Textiles Park for defaulting an amount worth $13 million.
Shares of public sector banks (PSB) continued to trade higher with the Nifty PSU Bank index up nearly 3 per cent on hopes of margin expansion.
Andhra Bank, United Bank of India, Corporation Bank, Indian Overseas Bank, Uco Bank, Bank of Maharashtra and Syndicate Bank were up more than 5 per cent each while Punjab National Bank (PNB), Bank of Baroda (BOB), Union Bank of India, Bank of India and Indian Bank were up in the range of 2 to 3 per cent on the National Stock Exchange (NSE).
New Delhi: Sebi on Wednesday exempted the government from making an open offer for the shareholders of Punjab National Bank but directed reduction in non-public shareholding in the lender post capital infusion.
In February, Punjab National Bank filed an application on behalf of the central government seeking exemption from open offer requirement under takeover regulations.
New Delhi: A Delhi court has summoned as accused 11 top officials of the Punjab National Bank (PNB), including former and current executive officials and the current managing director, for alleged violation of banking regulations and criminal conspiracy.
Metropolitan Magistrate Dharmender Singh asked PNB Managing Director (MD) and CEO Sunil Mehta, Executive Director Sanjiv Sharan, former MD Usha Ananthasubramanian, former executive director RS Sangapure and seven others to appear before it on May 24 on the basis of a complaint filed by the Reserve Bank of India.
State-owned Punjab National Bank (PNB) has sanctioned loans worth Rs689 crore to over 1,600 Micro, Small and Medium Enterprises (MSMEs) through the psbloansin59minutes.Com portal as part of its effort to promote such industries.
Under the Mudra Yojana, the bank has offered loan to over 2.69 lakh small entrepreneurs this fiscal (till February 14, 2019).
Fraud-hit Punjab National Bank has been ranked first among public sector banks in the implementation of ’reforms agenda’, followed by Bank of Baroda and State Bank of India, said a report on Thursday.
The BCG-IBA report – EASE Reforms for Public Sector Banks — measures performance of each PSB on 140 objective metrics across 6 themes, including customer responsiveness, credit off-take and digitalisation.
It is not just Punjab National Bank (PNB) that was a victim of fraud. Fugitive businessman Mehul Choksi and an international web of co-conspirators used his US company Samuels Jewelers and a series of puppet vendors, including a psychologist, to fraudulently induce Samuels's primary lenders.
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