Punjab National Bank zooms on getting approval from DIPAM to divest stake in UTI AMC

Punjab National Bank is currently trading at Rs. 54.15, up by 3.35 points or 6.59% from its previous closing of Rs. 50.80 on the BSE.

pnb jumps on getting approval for merger with obc united bank
Punjab National Bank

The scrip opened at Rs. 51.55 and has touched a high and low of Rs. 55.65 and Rs. 51.25 respectively. So far 12302944 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 55.65 on 25-Nov-2022 and a 52 week low of Rs. 28.05 on 20-Jun-2022.

Last one week high and low of the scrip stood at Rs. 55.65 and Rs. 45.60 respectively. The current market cap of the company is Rs. 59734.76 crore.

The promoters holding in the company stood at 73.15%, while Institutions and Non-Institutions held 13.51% and 13.34% respectively.

Punjab National Bank (PNB) has received approval of Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, Government of India for divestment of Bank’s entire/part stake in UTI Asset Management Company (UTI AMC) in single or multiple tranches subject to compliance of SEBI Regulations/other applicable regulatory guidelines.

The bank holds 15.22 per cent stake in UTI AMC as on date. The timeline for making the divestment is yet to be finalized.

PNB is one of the oldest banks in India having a virtual presence in every important center of the country. The Bank caters to a wide variety of audience through spectrum of services including corporate and personal banking, industrial finance, agricultural finance and international finance.