The Union Ministry of Finance has approved the proposals of Punjab National Bank (PNB) and Bank of Maharashtra (BOM) to cumulatively raise ₹10,000 crore through qualified institutional placement (QIP) in 2024-25, a senior government official familiar with the matter said.
"We have given the approval for PNB and BOM to raise ₹5,000 crore each through QIP in FY25. Both banks have conducted road shows in places such as Hong Kong," said the senior government official.
The annual general meetings (AGMS) of PNB and BOM had earlier approved raising ₹7,500 crore each by selling shares via QIP or followon public offer (FPO) in FY25.
Unlike offer for sale (OFS), where money raised goes to the government as it involves selling existing shares, QIP involves issuing new shares and the funds go directly to the company.
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