Punjab National Bank on Monday launched a so-called qualified institutional placement (QIP) offer to raise as much as Rs1,800 crore from institutional investors.
This is the second time the state-owned bank has hit the market to raise funds from institutional investors in the last six months, having raised Rs3,788 crore in December through a QIP.
QIP floor price
For the Qualified Institutional Placement (QIP) purposes, the bank has fixed the floor price at Rs 35.51 per equity share.
The bank may at its discretion offer a discount of not more than 5 per cent on the floor price.
Issue Price
The bank said there will be a meeting of the Capital Raising Committee is scheduled to be held on Friday, May 14, 2021, to consider and determine the issue price, including a discount, if any.
Mobilising
The board had given nod for mobilising Rs 7,000 crore from QIP in one or more than one tranches.
Out of which, the bank had raised Rs 3,788.04 crore from QIP in December following which the government holding in the bank came down from 85.59 per cent to 76.87 per cent.
As of now, bank did not disclose how much it intends to mobilise through the QIP.
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