Punjab & Sind Bank (PSB), the last of the unlisted state run lenders, today said its Rs 480-crore initial public offering (IPO) will be open from December 13 to 16.
Through the issue, priced at Rs 113-120 for a share of Rs 10 face value, will see the century old lender issuing fresh equity worth 17.93 per cent, or 4 crore equity shares. The net issue, however, will only be 17.04 per cent.
Both the bank management as well as their merchant bankers are hopeful that the issue will get a rousing welcome from the markets, even though the banking stocks have been battered badly since Reserve Bank Governor Mr Duvvuri Subbarao’s last week call to bring down net interest margins by paying more to depositors and lending at cheaper rates.
At the lower end of the price-band, the issue will fetch Rs452 crore to the bank, while on the upper end, it will mop up Rs 480 crore.
“Post issue, which will open on December 13, the Government holding in the bank will come down to a tad over 82 per cent. Of the entire 4 crore shares on offer, 3.8 crore will be open to public as the rest is reserved for its employees,” PSB Executive Di rector, Mr PK Anand said, announcing the IPO plans here today.
+1.jpg)
0 comments
Post a Comment