PNB’s rights issue to be final by December

01 Aug 2022 CW Team

The state-owned Punjab National Bank said that the Rs 2,500 crore rights offering of its subsidiary PNB Housing Finance will be completed by December at the latest.

Following the rights issue, PNB shareholdings as a promoter of the company would fall from 32.57 percent to less than 30 percent.

"RBI has given approval for infusion of Rs 500 crore in PNB Housing Finance. Post rights issue, the holding of the bank would come down below 30 per cent but would be higher than 26 per cent so that bank retains promoter status," PNB Managing Director A K Goel said.

PNB would not subscribe to the rights issue in proportion to its current stake in the company because the Reserve Bank of India (RBI) has limited the bank's investment in the rights issue to Rs 500 crore. As a result, the lender's share in the mortgage firm will fall below 30% from its existing level.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..