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Wednesday, Jan 08, 2003

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PNB rules out another IPO now

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PUNJAB National Bank (PNB) today clarified that though the bank's board of directors had recently asked the management to explore the possibility of a second public issue, there are no immediate plans to come out with an offering `in the near future'.

"The board of directors of PNB has desired that the bank may work out the modalities for a follow on public issue. However, there are no plans to come out with an issue in the near future," PNB has said in a statement.

However, in the same breath it has said that should the management decide on coming out with a second public offering, the pricing of issue would be linked to the book value of the shares that stands at Rs 130 at present. "The profitability of the bank is comfortable and the book value of the share is around Rs 130. The pricing of the (subsequent) issue, of course, will have linkage to the book value," the statement said.

PNB had come out with its initial public offer (IPO) in March this year to raise Rs 164.49 crore through an issue of equity shares of Rs 10 at a premium of Rs 21 per share.

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