Punjab National Bank (PNB) on Wednesday said it proposed to raise Rs 1,590 crore by selling about 15.8 million shares to LIC.

The bank has also approved fund infusion of Rs 1,285 crore through preferential issue of shares to the government.

The board has approved issuance of up to 15.8 million equity shares of face value of Rs 10 each to LIC, on preferential basis, at a premium of Rs 993.69 determined as on February 17 being the relevant date according to Sebi regulations, PNB said in a statement.