Principal completes acquisition of Principal PNB AMC

Principal Financial Group has completed the full share buy-back of Punjab National Bank’s shares giving Principal full ownership of the Principal Pnb Asset Management Company Private Limited.

Punjab National Bank (PNB) has offloaded its entire stake in two joint ventures (JVs) formed with the Principal Group in Principal PNB Asset Management Company Private Limited (21.38 per cent) and Principal Trustee Company Private Limited (30 per cent) in favour of Principal Group. This gives Principal the full ownership of the Principal Pnb Asset Management Company Private Limited. Pending regulatory approval, the Asset Management Company will be known as Principal Asset Management Company Private Limited. 

Principal has been in India for nearly 20 years, delivering investment products and services to retail and institutional clients. 

On Wednesday, the shares of PNB reached an intraday high of Rs 84.50 per share an in intraday low was Rs. 83 per share in the BSE. Its 52-week high was Rs. 231.60 and its 52-week low was Rs 72.35 per share on the BSE.

At 14:09 hours, the share was trading at Rs. 84.55 per share up by 2 per cent. The BSE Sensex was at 39,957.10, down by 0.10 per cent and Nifty50 was at 11,720.35 down by 0.15 per cent.