Notice of the 24th Annual General Meeting of the Bank
Awaiting price reaction for this filing.
Punjab National Bank has called its 24th Annual General Meeting on Friday, 27th June 2025 at 11:00 a.m. via video conferencing. The Board has recommended a dividend of ₹2.90 per equity share (face value ₹2) for FY 2024-25, with a record date of 20th June 2025 and payment date of 10th July 2025. The agenda includes adoption of the FY25 audited financial statements, shareholder approval for material related party transactions with PNB Gilts (subsidiary), PNB Housing Finance (associate), and PNB Metlife (associate) — including securities/debt transactions up to ₹6,000 crore each for PNB Gilts and PNB Housing Finance, ₹2,000 crore for PNB Metlife, and loans/advances up to ₹4,000 crore for PNB Gilts and ₹7,100 crore for PNB Housing Finance. Other items seek approval for the appointment of Shri Ashok Chandra as MD & CEO, the extension of Shri Kalyan Kumar as Executive Director, the appointment of Shri D Surendran as Executive Director, and the appointment of M/s Agarwal S. & Associates as Secretarial Auditor for five years (FY 2025-26 to FY 2029-30). Remote e-voting will be open from 9:00 a.m. on 24th June 2025 to 5:00 p.m. on 26th June 2025.
The proposed ₹2.90 dividend signals a steady payout to shareholders. The large related party transaction limits (exceeding ₹19,000 crore in aggregate) reflect PNB's continued business with its subsidiaries and associates, particularly in housing finance and gilts. Key leadership appointments and reappointments are subject to shareholder vote, which is largely procedural given government-owned bank MD/ED roles are appointed by the central government.