New Delhi: As many as 12 public sector banks including PNB, Bank of India and Indian Bank have lined up plans for raising funds from markets to shore up their capital base to meet global risk norm, Basel III. About 6-7 lenders including Andhra Bank expect to close their capital raising plan by the end of the current fiscal, officials said. The remaining would raise funds through follow-on-public offer (FPO) or qualified institutional placement (QIP) from the market during course of the next fiscal, they added. Similarly, Syndicate Bank, UCO Bank, United Bank of India, Vijaya Bank also got approval from the government and some of them have already started the process. Board of PNB has given its approval for raising equity capital to the tune of Rs3,000 crore through FPO, QIP or rights issue.

Source: Mint August 06, 2017 10:07 UTC