Punjab National Bank Ltd has announced a floor price of ₹109.16 per share for its Qualified Institutions Placement (QIP), which was launched on September 23. This price reflects a 2% discount from the closing market price of ₹111.49 per share on the same day.
In a stock exchange filing, PNB stated, “The Capital Raising Committee has authorized the opening of the issue today, i.e., 23.09.2024, and approved the floor price based on the pricing formula as prescribed under Regulation 176 of the SEBI ICDR Regulations.”
Earlier reports indicated that PNB aims to raise between ₹5,000 crore and ₹7,500 crore through this QIP, with a roadshow generating strong interest from domestic mutual funds.
PNB’s share price saw an increase of up to 3% on Monday, reaching ₹111.5, aligning with gains in other major PSU bank stocks like SBI, Bank of Baroda, and Canara Bank, which rose by 2-4%.
In January, PNB’s board had approved a fund-raising plan of up to ₹7,500 crore for the fiscal year 2024-25. This month, Executive Director Binod Kumar confirmed that the bank is on track to raise funds this quarter, saying, “We are already in the roadshow, so it will be very shortly.”
Over the past year, PNB’s share price has surged nearly 39%, boosting its market capitalization to over ₹1.23 lakh crore.
