PNB successfully raises Rs 5000 Crore Equity Capital via Qualified Institutions Placement
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 Rs103.75 per equity share, which was at a discount of 4.96 per cent to the floor price of Rs109.16 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 Rs41,734 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 Rs5000 Crore.
The amount of capital raised through QIP issue will augment the bank’s CET-1 Ratio and the overall Capital Adequacy Ratio.
