Punjab National Bank (PNB), a leading Public Sector Bank in India, will be keeping all its 10088 branches open for the public on 8th May, Sunday to facilitate the processing of applications for the mega LIC IPO.
State-owned LIC’s IPO is India’s biggest subscription to be offered by retail and institutional investors which will be available till the 9th of May. LIC has fixed the price band at Rs 902-949 per equity share. Additionally, the offer places attractive discounts for eligible employees and policyholders.
PNB notified by saying, “With the LIC IPO being the biggest offering, we are committed to executing smooth application processes. Hence, PNB will keep all its branches open on Sunday, 8th of May 2022. Applicants will be assisted with proper advisory on the offerings and all IPO-related queries.”
Further, all applicants can apply at any of the branches of Punjab National Bank as all branches are enabled for ASBA applications. Application Supported by Blocked Amount (ASBA) is the mechanism through which investors apply for shares in a public issue. It enables the investor to block the application money in the bank account, for subscribing to an issue. Given the promising outcome the government envisages from this IPO, PNB is set to offer its best services.