PNB Launches Qualified Institutions Placement To Strengthen Capital Base
PNB successfully raises Rs 5000 Crore Equity Capital via Qualified Institutions Placement (QIP)
Punjab National Bank (PNB) has raised ₹5000 crore via Qualified Institutions Placement (QIP) of about 48.19 crore equity shares at an issue price of ₹103.75 per equity share, which was at a discount of 4.96 per cent to the floor price of ₹109.16 per equity share.
The Bank’s QIP Issue was launched on 23.09.2024 and closed on 26.09.2024 and received an encouraging response from the market with participation by a diversified investor base.
The Bank received Bids from Qualified Institutional Buyers (QIBs) including Mutual Funds, Foreign Portfolio Investors (FPIs), Insurance Companies, etc., to the tune of ₹41,734 Crore for the QIP Issue, which is 16.7 times the base Issue Size of ₹2500 Crore and 8.3 times the total Issue Size of ₹5000 Crore.
The amount of capital raised through QIP issue will augment the bank’s CET-1 Ratio and the overall Capital Adequacy Ratio.
