1:5 Stock Split, 10K Cr Fundraise Plan: Buy Multibagger PSU Bank Stock, TP Rs 140: Sharekhan

Sharekhan has recommended investors to buy public sector lender Punjab National Bank (PNB) shares with target price of Rs 140 apiece. Current market price of Punjab National Bank share on BSE is Rs 124.35 apiece with intraday gain of 1.30%. PNB shares offered shareholders eye-popping returns of 56% in last 6-months and 176% return in last 1-year. Check details below:

PNB Announces Fundraise Plan: According to the BSE filing of the company dated March 29, 2024, "Further to our intimation dated 22.03.2024, the Exchange is hereby informed that the Board of Directors of the Bank in its meeting held today i.e. 28 March, 2024 has approved raising of capital for an amount up to Rs.10,000 Crore through Basel Ill Compliant Bonds (Additional Tier-I Bonds up to Rs.7000 Crore and Tier- II Bonds up to Rs.3000 Crore), to be raised in one or more tranches during FY 2024-25."

PNB Share Performance & Return: The 52-week high price of PNB shares on BSE is Rs 133.00 apiece and 52-week low price is Rs 44.60 apiece, respectively. The company has a market capitalisation of Rs 1,36,921.98 crore. The PE of the stock is 21.44 and EPS (TTM) 2.02. PNB shares rallied 27% year-to-date, soared 30% in 3-months, and offered return of 249% in last 2-years. In last 3-years, PNB stock rallied 245%. However, the stock declined 17% in last 10-years.

PNB Stock Split History: Punjab National Bank split face value of its shares once since December 18, 2014. Punjab National Bank last split face value of its shares from Rs 10 to Rs 2 in 2014.PNB share traded ex-split from December 18, 2014.

PNB Dividend History: Punjab National Bank announced 20 dividends since July 23, 2003. In last 12 months, PNB announced an equity dividend of Re 0.65 per share. If the current share price of Rs 124.35 is taken into consideration, PNB's dividend yield is 0.52%.

PNB About: Punjab National Bank (PNB), India's first Swadeshi Bank, commenced its operations on April 12, 1895 from Lahore, with an authorized capital of Rs 2 lakh and working capital of Rs 20,000. The Bank was established by the spirit of nationalism and was the first bank purely managed by Indians with Indian Capital. During the long history of the Bank, 9 banks have been merged/ amalgamated with PNB, according to its official website.

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