Punjab National Bank (PNB), one of the leading public sector lenders in India, witnessed a rise in share price on Monday after the board of the bank considered and granted in-principle approval for spilt of existing equity shares of face value of Rs 10 each into 5 equity shares of value of Rs 2 each.

The board of directors of the bank discussed about various options of raising capital to meet Basle-Ill guidelines. Also to fund the general business needs of the bank and decided to explore the avenues for raising capital through QIP/FPO/Rights Issue.

The board has approved allotment of shares to employees under employees stock purchase scheme (ESPS)/any other scheme. It will also raise Basel III compliant additional Tier-I Capital bonds.

Shares of the bank are trading at Rs 987.30, up Rs 10.45, or 1.07% at the Bombay Stock Exchange (BSE) on Monday at 10:25 a.m.

The scrip has touched an intra-day high of Rs 991.80 and low of Rs 976.50. The total volume of shares traded at the BSE is 30,199.