PUNJAB & SIND FILES PAPERS WITH SEBI FOR IPO

Punjab & Sind Bank (PSB) on Friday filed a draft red herring prospectus (DRHP) with SEBI for an initial public offering (IPO).

The IPO is likely to hit the market in end-November or early-December this year, a bank official said.

The bank proposes to offer up to 4 crore equity shares of Rs 10 each for cash at a price to be discovered through a 100 per cent book-building process.

PSB is looking to mop up at least Rs 500 crore through the IPO, which is likely to bring down the Government stake in the bank to 82 per cent. PSB will be the last of the nationalised banks to list its equity on the stock exchanges.

Its equity capital stood at Rs 183 crore. PSB also has a preference capital of Rs 200 crore.

SBI Capital Markets, Enam Securities and ICICI Securities are the book running lead managers for the proposed IPO.

Source: http://www.thehindubusinessline.com/2010/08/28/stories/2010082851070800.htm