New Delhi, Aug 26: PNB gilts has become the first company in the financial sector to get a corporate governance rating from ICRA. "ICRA assigned adequate category 'CGR 3+' rating considering the adequate level of corporate governance practised by PNB Gilts," ICRA joint managing director and chief rating officer Naresh Takkar said on Tuesday.

The rating takes into account Punjab National Bank subsidiary's transparent shareholding pattern, smooth flow of information within the company, well structured decision making process and its adequate level of financial discipline, Takkar said.
PNB Gilts, the leading primary dealer in government papers, was incorporated in 1996 by PNB and was listed on the bourses in 2001.
With this rating, ICRA has so far assigned corporate governance rating to five companies. They are Infosys (CGR1), ITC (CGR2), Godrej Consumer (CGR2) and Esab (CGR4). Bureau Report