Punjab National Bank (NSEI:PNB) aims to close a planned share sale to large investors over the next 6 months, its Chief Executive Officer said on May 10, 2024, as the state-run lender looks to shore up capital. Punjab National Bank's board had in December approved a INR 75 billion ($898 million) fund raise through equity capital. A qualified institutional placement (QIP) involves selling shares to institutional buyers without offering them to the public.

"For the QIP, we are trying to get all the approvals, but within six months we will try to raise the money from the market," PNB's Managing Director and Chief Executive Officer Atul Kumar Goel said in an interview.