India: Punjab National Bank raises funding via QIP route

Photo: Reuters

Punjab National Bank has raised 1,800 crore by selling 53 crore shares on a private placement basis to investors like LIC and Societe Generale, the public sector bank said on Saturday.

Eligible Qualified Institutional Buyers (QIBs) were given the share at an issue price of 33.75 per unit aggregating to 1,799.99 crore, PNB said in a regulatory filing. ”In respect of the QIP, the capital raising committee of board of the bank has in its meeting held today i.e. May 15, 2021, approved the allotment of 53,33,33,333 Equity Shares to eligible Qualified Institutional Buyers at an Issue Price of Rs. 33.75 per Equity Share,” the bank said.

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