PNB upgrade Rs 5,000 crore through QIP issue

New Delhi: Public sector Punjab National Bank (PNB) has raised Rs 5,000 crore by issuing equity shares to qualified institutional investors.
PNB said in a statement that, The bank allotted around 48.19 crore equity shares at an issue price of Rs 103.75 per share, which was at a discount of 4.96 percent to the floor price of Rs 109.16 per share.
The bank said its QIP issue is open for subscription from September 23 to 26, 2024.
The bank said that “The Bank received bids of Rs 41,734 crore for the QIP issue from qualified institutional buyers (QIBs), including mutual funds, foreign portfolio investors (FPIs), insurance companies, etc., which is 16.7 times the base issue size of Rs 2,500 crore and 8.3 times the total issue size of Rs 5,000 crore”.
He said the capital raised through the QIP issue would increase the bank’s CET-1 ratio and overall capital adequacy ratio.