PNB public issue price fixed at Rs390 per share
New Delhi: Punjab National Bank (PNB) has said that the issue price for its latest public issue has been fixed at Rs390 per share. Earlier the bank had fixed a price band of Rs350 to Rs390 for the fully book-built issue, which opened on
March 7 and closed on March 11.

At Rs390, the total issue size works out to Rs3,120 crore. The issue generated a total demand from approximately 8.5 lakh applicants for more than 125 crore equity shares (aggregating over Rs48,000 crore), against the eight crore shares of offer according to bank officials.

While the total over-subscription was to the tune of 15.63 times, the corresponding numbers were 26.91 times for qualified institutional bidders, 30.5 times for the non-institutional portion and four times for retail bidders.
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Allahabad Bank, OBC in high demand
Mumbai: With the expectation that the government may raise the FII investment limit in PSU banks above 20 per cent to facilitate these banks to go in for public offers bank stocks are in heavy demand.

Allahabad Bank and OBC have been rising over the past few weeks, hitting an all-time high of Rs104.7 (March 11) and Rs382 (March 8), respectively. In the past month, Allahabad Bank has risen 40 per cent to Rs98.

8 lakh to 38 lakh Allahabad bank shares were traded during the week ended March 11, compared to only 3 and 4 lakh shares during the previous week.

OBC has risen 20 per cent to Rs366 in the past two weeks. Between 2.5 lakh and 12 lakh shares of the bank were traded against normal volumes of 1.2-3.5 lakh.

The Rs3,000-crore PNB offer, closed Friday, received bids worth 15.6 times the issue size, according to information available on the BSE website.
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OBC readies for second IPO
New Delhi: The Oriental Bank of Commerce has filed its prospectus with SEBI for its public offer to raise Rs2,000 crore next month.

Narang said the issue would open for subscription in mid-April after getting SEBI's approval.

The Delhi-based bank received the green signal from finance ministry on February 18 for issuing 5.8 crore equity shares of face value of Rs10 each. The issue will be priced through the book- building route.

OBC's share price has moved up from Rs335 in January first week to Rs365 by March second week.
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Nicholas Piramal to raise Rs350 crore
Mumbai: Nicholas Piramal will raise Rs350 crore through rights issue of equity shares to its existing shareholders.

The company said this was fund raising program for financing its immediate future plans.
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