A special committee of the board fixed floor price for the qualified institutional placement (QIP) issue at Rs 35.51 per share.
The capital raising committee of the board of Punjab National Bank (PNB) at its meeting held on Monday, 10 May 2021, authorized the opening of the QIP issue on 10 May 2021.The 'Relevant Date' for the purpose of the QIP is 10 May 2021 and accordingly the floor price in respect of the aforesaid QIP, based on the pricing formula as prescribed under SEBI ICDR Regulations is Rs 35.51 per equity share, PNB said in a regulatory filing.
The capital raising committee of the bank is scheduled to be held on Friday, 14 May 2021, to consider and determine the issue price, including a discount, if any, for the equity shares to be allotted to eligible qualified institutional buyers, pursuant to the QIP issue. The bank may, at its discretion, offer a discount of not more than 5% on the floor price.
The PNB board had approved the issue in its meeting on 9 July 2020, while the shareholders approved the same via a special resolution passed at the Annual General Meeting held on 4 August 2020 for the QIP.
PNB posted a net profit of Rs 506.03 crore in Q3 FY21 compared with net loss of Rs 492.28 crore in Q3 FY20. Total income during the quarter grew by 45.9% Y-o-Y to Rs 23,298.53 crore.
PNB is a public sector bank. The Government of India held 76.87% stake in the bank as on 31 March 2021.
Shares of PNB slipped 1.40% to Rs 35.10 on BSE. The scrip hit a low of Rs 33.75 and a high of Rs 35.35 during the day.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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