India News
Search Web Directory
News Home
PNB to raise Rs 8,600 crore through asset sale in FY19
Posted on 9th August 2018
Punjab National Bank (PNB) expects to raise Rs 8,600 crore from sale of assets in 2018-2019, its managing director and chief executive officer Sunil Mehta said on Wednesday. “We have a small battery of non-core assets which will be unlocked. In the first quarter, we have done Rs 167 crore. We have a target of Rs 8,600 crore during the (current) financial year. It includes both investments as well as sale of real estate,” the MD& CEO said.

Of the Rs 167-crore raised in the June quarter, Rs 47 crore came from the sale of real estate assets and the remaining Rs 120 crore by exiting rating agencies Icra and Crisil, and stock exchange BSE. The bank is aiming at selling its stake in PNB Housing Finance in FY19. Also, it is set to divest 4% stake through the public offer of PNB MetLife Insurance and retain 26% stake at the end of the sale.

“The MetLife IPO (initial public offer) is mainly for price discovery,” Mehta said. Among the real estate assets on the block is the bank’s former headquarters at Bhikaji Cama Place, Delhi. PNB is known to be negotiating with two government entities over the sale of the property. “We are not going to sell any asset at a discount,” Mehta said.

At the end of the March quarter, PNB had found itself in a precarious position in terms of capital as the impact of the Nirav Modi fraud pushed the bank’s capital adequacy ratio (CAR) to 9.2%, just above the regulatory requirement of 9%. It has improved to 9.62% at the end of the June quarter. Analysts say there is still some concern around PNB’s tier-1 ratio, which stood at 6.05%, compared to the regulatory mandate of 5.5%.

Kotak Institutional Equities on Wednesday wrote in a report, “The key risk is tier-1 ratio, which is quite low at ~7% even after government infusion. The bank needs to further reduce its risk weighted assets or raise capital through asset sales/infusion, both of which is underway.” PNB reduced its risk weighted assets by Rs 40,000 crore in Q1 and received a Rs 2,860-crore infusion from the government. In Q2, it hopes to make recoveries from seven large accounts which are being resolved under the Insolvency and Bankruptcy Code.

Related Companies: Punjab National Bank   

Other Latest News
Sensex, Nifty end higher for 2nd session on strong fund inflow, firm rupee
Posted on 17th November 2018
The BSE Sensex on Friday continued its rising streak for the second day to end at near a four-week high of 35,436.33, fuelled by gains in Reliance Industries, Bharti Airtel and other bluechips amid continued foreign fund inflows and strengthening rupee.

A higher opening in European shares too influenced sentiments here.

India set to buy Seahawk helicopters from US for $2 billion
Posted on 17th November 2018
Washington: India has sought from the US 24 multi-role MH-60 ‘Romeo’ anti-submarine helicopters for its Navy at an estimated cost of $2 billion, according to defence industry sources.

The deal is likely to be finalised in a few months.

Relief for Hyundai: Supreme Court stays Rs 420-crore fine
Posted on 17th November 2018
The Supreme Court on Friday stayed the Competition Commission of India’s order that imposed over Rs 420-crore penalty on the country’s second-largest car maker Hyundai Motors India for anti-trade practices including lack of standardisation of spare parts and allowing original equipment suppliers (OESs) to sell spare parts in the open market without any restrictions.

Analyst Corner: Retain ‘buy’ on Ashok Leyland, target price Rs 135
Posted on 17th November 2018
The EBITDA margin at 10.6% for Q2FY19 missed our/consensus estimates by 60 bps on lower realizations and higher commodity costs. The bigger surprise was resignation of Vinod Dasari with effect from March 31, 2019. Dheeraj Hinduja will take over as the executive Chairman till the Board finds a suitable replacement.We expect FY20 earnings to benefit from a confluence of factors (higher volumes, lower discounts, higher operating leverage) on BS6 pre-buy.

GVK Power gets approval to raise Rs 8,000 crore for debt repayment
Posted on 17th November 2018
GVK Power and Infrastructure (GVKPIL) has received the shareholders’ approval to raise up to Rs 8,000 crore.

The resolution to raise the funds, by a combination of various options listed on the agenda of the annual general meeting (AGM) held recently, has been passed by the requisite majority, the company said in a BSE filing on Friday.

» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for PNB to raise Rs 8,600 crore through asset sale in FY19
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Security Code*

Be the first person to write a business review for PNB to raise Rs 8,600 crore through asset sale in FY19

Most Read News

Share market wrap: Sensex, Nifty log minimal weekly gains amid festivity; macro-data, elections to steer ahead

NASA to send tissue chips to space to test human health, genetic changes

H-1B: Trump’s latest visa proposal and its impact on India

Vodafone Idea to report a sizeable loss in September quarter, say analysts

Sensex, Nifty end higher for 2nd session on strong fund inflow, firm rupee

More India News

Photo Gallery

Rogue(11 Images)Rogue
  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
About us
Link to us
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2018
    All Rights Reserved
Privacy Statement