Govt picks up preference shares in PNB, BoI for Rs2,050 crore

PNB has received Rs1,247.99 crore while BoI received Rs808.99 crore from the government through the preferential allotment

The government has picked up preference shares in two state-owned lenders Punjab National Bank (PNB) and Bank of India (BoI), leading to a capital infusion of over Rs2,050 crore.

 

PNB, in a filing with the exchanges said that the bank has received allotment money of Rs1,247.99 crore from the Government of India on 4 March 2013. It allotted 1.42 crore equity shares of the face value of Rs10 each at a premium of Rs863.05 on preferential basis to the government.

 

BoI, on the other hand, received Rs808.99 crore from the government following allotment of 2.21 crore shares at a price of Rs365.70 per unit on preferential basis.

 

Meanwhile, shareholders of the UCO Bank have approved the capital infusion of Rs681 crore by the government on 4 March 2013.

 

The exercise is part of the Rs12,517 crore capital infusion plan announced by the government in January.

 

Last year, PNB received capital infusion of Rs1,285 crore.

 

The government infused about Rs20,117 crore in public sector banks during 2010-11, and Rs12,000 crore in 2011-12.

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COMMENTS

Ramesh Poapt

4 years ago

I m not sure whether it is 'preference' shares or preferential share allotment?

Tata Motors to buyback Manza cars to boost sales

This offer is for those who buy the car in the next two months. The car should have a clean accident record and have a valid insurance cover, Tata Motors said

Passenger car maker Tata Motors has launched a new scheme for its Manza sedan buyers, who will get back 60% of the purchase value if they re-sell the car to the company after three years. The move is seen as an attempt to revive the decline in sales

    

“Tata Manza has introduced the “Club Class Buyback Assurance”. With the Club Class Buyback Assurance, Tata Motors offers its customers 60% of the purchase price after three years,” the company said in a statement.

 

This offer is for those who buy the car in the next two months. The car should have a clean accident record and have a valid insurance cover, the company added.

   

Earlier this week, the car maker had slashed prices of its Indica and Manza range of passenger cars by up to Rs50,000 in order to arrest falling sales in recent months. With this, the Manza is now available for Rs6-Rs8.14 lakh (ex-showroom, Delhi).

 

Tata Motors' sales have been falling drastically in the recent months. In February, the total passenger vehicle sales in the domestic market stood at 10,613 units, down 69.53% from 34,832 units in the same month last year.

 

The company on Wednesday also introduced another offer, under which customers can now swipe their credit card and drive out in a Nano on the same day and convert the entire amount in monthly instalments at no interest over a period of 12 months at an EMI of Rs8,333 per lakh.

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