PNB sets price band at Rs350-390
By New Delhi: | 04 Mar 2005
New Delhi: The price band for the follow-on public offer by Punjab National Bank (PNB) has been fixed from Rs350 to Rs390 per equity share of the face value of Rs10. The issue would be open for subscription from March 7. At the lower end of the price band, the bank will raise Rs2,800 crore from the issue whereas at the upper end it will be Rs3,120 crore.
The minimum application size has been fixed at 15 shares and its multiples.
PNB will offer eight-crore equity shares to the public. The net offering, however, would be 6.4 crore shares with 10 per cent (80 lakh shares) reserved for employees and another 10 per cent (80 lakh shares) for the existing shareholders.
The bank has reserved 35 per cent of the net offering for retail individual investors who can bid for equity shares up to Rs1 lakh in value. QIBs (qualified institutional bidders) can bid up to 50 per cent of the net offering whereas minimum 15 per cent has been reserved for non-institutional bidders. With this issue, the government's holding in the bank is slated to reduce to 57 per cent from 80 per cent.
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