Punjab National Bank (PNB) has launched a Qualified Institutional Placement (QIP) aiming to raise INR 25 billion. There is also a possibility for the issue to be upsized to INR 50 billion, depending on investor interest.
The bank plans to offer approximately 24 crore equity shares with an option to increase the offering to about 48 crore shares. The issue is 100% primary, with the SEBI floor price set at INR 109.16 per share, while the indicative price stands at INR 103.75 per share, reflecting a discount of 6.94% to the last closing price of INR 111.51 as of September 23, 2024.
The transaction opened on September 23, 2024, after market close and is expected to wrap up on September 24, 2024, by 9:00 AM. Shares are set to be credited around September 30, 2024, with listing and trading commencing on or around October 3, 2024.
Key financial institutions, including Motilal Oswal, BNP Paribas, and ICICI Securities, are managing the offering.
