Punjab National Bank Sets Floor Price for Institutional Share Sale

State-owned Punjab National Bank (PNB) has set a floor price of Rs 109.16 per share for its qualified institutional placement (QIP). The bank plans to raise up to Rs 7,500 crore through the share sale during 2024-25. Regulatory filing confirms the board approved the floor price and relevant documents.

State-owned Punjab National Bank (PNB) has announced a floor price of Rs 109.16 per share for its upcoming qualified institutional placement (QIP).

This decision follows board approval to raise up to Rs 7,500 crore via share sale in one or more tranches during the financial year 2024-25. A preliminary placement document along with the application form has been adopted.

The floor price, approved based on Regulation 176 of the Sebi ICDR Regulations, may include a discount of up to 5 per cent, with the final issue price determined in consultation with appointed book running lead managers.