The Hindu Business Line : PNB gets nod for 2nd public issue

PUNJAB National Bank has obtained the Union Government's approval for its `follow-on public offer' slated to hit the markets by the end of this fiscal.

The bank will file an application with the Securities and Exchange Board of India within a week, said Mr S.S. Kohli, Chairman and Managing Director, Punjab National Bank, speaking to press persons on the sidelines of a SIDBI press conference here on Monday.

PNB, the third largest public sector bank, recently announced plans for a further issuance of up to 5 crore shares with pricing to be discovered through the book-building process.

Currently, the Government holds 80 per cent stake in PNB.

PNB's initial public offer in 2002 was oversubscribed by over 300 per cent, with the total subscription touching about Rs 690 crore against the issue size of Rs 164.49 crore.

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