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PNB Sets Floor Price For QIP At Rs 37.35 Per Share

The bank may at its discretion offer a discount of not more than 5% on the floor price.

A pedestrian walks past a Punjab National Bank (PNB) office building in New Delhi. (Photographer: Anindito Mukherjee/Bloomberg)
A pedestrian walks past a Punjab National Bank (PNB) office building in New Delhi. (Photographer: Anindito Mukherjee/Bloomberg)

Punjab National Bank has set the floor price for its proposed QIP of Rs 7,000 crore at Rs 37.35 per share.

The Capital Raising Committee of the bank at a meeting held on Tuesday authorised the opening of the QIP issue and approved the floor price at Rs 37.35 per equity share, PNB said in a regulatory filing.

The bank may at its discretion offer a discount of not more than 5% on the floor price, it added.

PNB said the committee will meet on Friday to consider and determine the issue price for the equity shares, including a discount, if any, to be allotted to Qualified Institutional Buyers, pursuant to the QIP (qualified institutional placement).

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With this fund mobilisation, capital-to-risk-weighted assets ratio of the bank, which was at 12.8% at the end of September quarter, would increase to 13.5-14%.

PNB stock closed 1.70% down at Rs 40.55 on BSE.