Punjab National Bank sets floor price for QIP at Rs 37.35 per share

Punjab National Bank (PNB) has set the floor price for its proposed QIP of Rs 7,000 crore at Rs 37.35 per share.

The Capital Raising Committee of the bank at a meeting held on Tuesday authorised the opening of the QIP issue and approved the floor price at Rs 37.35 per equity share, PNB said in a regulatory filing.

The bank may at its discretion offer a discount of not more than 5 per cent on the floor price, it added.

PNB said the committee will meet on Friday to consider and determine the issue price for the equity shares, including a discount, if any, to be allotted to Qualified Institutional Buyers, pursuant to the QIP (qualified institutional placement).

With this fund mobilisation, capital-to-risk-weighted assets ratio of the bank, which was at 12.8 per cent at the end of September quarter, would increase to 13.5-14 per cent.

PNB stock closed 1.70 per cent down at Rs 40.55 on BSE.