Public Market

Secondary Issues

PNB raises Rs.5,000-Cr via QIP

Business Line  

State-run lender Punjab National Bank (PNB) has raised INR 5,000 crore via Qualified Institutions Placement (QIP). The bank allotted 48.19 crore equity shares at INR 103.75 per equity share. The issue price was at a 4.96 % discount to the floor price of INR 109.16 per equity share.PNB received bids to the tune of INR 41,734 Crore for the Issue, which is 8.3 times the total issue size of INR 5000 crore.Nearly 21.89 % of the issue has been allotted to Citigroup Global Markets Mauritius Pvt-ODI. The other investors who have been allotted equity shares equal to or more than 5% of the issue size are BofA Securities Europe SA - ODI (8.3 %) SBI Contra Fund (7.9 %), Morgan Stanley Asia (Singapore) Pte-ODI (5.9 %) and Goldman Sachs (Singapore) Pte-ODI (5.8 %).