PNB Gets RBI Approval to Invest ₹500 cr in PNB Housing Finance Rights Issue

Punjab National Bank said on Friday that the Reserve Bank of India had allowed it to invest ₹500 crore in the upcoming ₹2,500 crore rights issue of PNB Housing Finance.

"Post rights issue, the holding of the bank would come down below 30% but would be higher than 26% so that the bank retains promoter status," chief executive AK Goel said. The state-owned bank currently holds a 32% stake in the housing finance firm.

"The rights issue process is expected to conclude by December or latest in the March quarter," added Goel.