PNB IPO oversubscribed four times
New Delhi: Punjab National Bank's Rs 165 crore public offer received overwhelming response with the bank receiving applications worth more than Rs 700 crore.

PNB offerd 5.3 crore equity with a face value of Rs 10 per share at a premium of Rs 21 per share to the public as part of efforts to increase the long term resources and improve the capital adequacy ratio.

Of the 20 per cent IPO, the bank offered 2 per cent to its employees in a bid to boost employees' morale.

PNB's IPO was the first from the public sector banks in the last fiscal and one of the major offers after Bharti Tele.
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Tata Tele bonds issue rated AAA(FSO)
Mumbai: Tata Teleservices Ltd's secured redeemable non-convertible debenture issue of Rs 100 crore, has secured an AAA Foreign Structured Obligation rating from Crisil.

The issue is backed by an unconditional and irrevocable guarantee from a Dutch development financial institution, FMO.

The rating indicates the highest degree of certainty regarding timely payment of financial obligations on the instrument, said a news release from Crisil.
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