By Malvika Gurung
Investing.com -- Shares of the state-owned lending major Punjab National Bank (NS: PNBK ) jumped 7% to Rs 54.3 apiece after zooming 9.4% on Friday and hitting a new 52-week high of Rs 55.65 apiece.
The public sector banking stock surged after it informed the bourses of receiving the finance ministry’s approval on divesting its entire stake held in the mutual fund company UTI Asset Management Company.
In an exchange filing on Thursday, PNB announced that it has received the green light from DIPAM, the Ministry of Finance, Government of India for divestment of its entire or partial stake in UTI AMC through single or multiple tranches. The approval is subject to compliance with SEBI regulations or other applicable regulatory guidelines.
Currently, Punjab National Bank holds a 15.22% stake in the mutual fund company and is willing to sell its stake for the realisation of gains on investment. The timeline for the divestment process is yet to be finalized, stated the lender.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.