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PNB Gilts, a primary dealer in Government securities and a subsidiary of Punjab National Bank (PNB), on Wednesday shot up by 10 per cent in value and traded quantity also jumped on expectation that it may be merged with its principal. Mr K. Raghuraman, Executive Director of PNB, told Business Line that the bank has not taken a firm decision on the issue yet. “We are examining the possibilities. As of now, there is nothing more to it.” PNB Gil ts is the only listed G-Sec dealer. According to banking circles, the apex bank has already allowed such amalgamations from the point of view of viability. Sources also said the Basel norms and RBI guidelines on the controlling structure of non-banking subsidiaries (of a bank) would not come in the way of such an amalgamation. PNB Gilts on closed at Rs 23.80 on the BSE with traded volume of 6.95 lakh shares and at Rs 23.7 on the NSE with 7.55 lakh shares changing hands.

Jayanta Mallick
K.S. Badri Narayanan

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