The Hindu Business Line : PNB fixes public issue price at Rs 390 per share

At a price of Rs 390, the total issue size works out to Rs 3,120 crore. "Of the bids, 99.34 per cent were received at the higher end of the price band of Rs 390 per share. The issue generated a total demand from approximately 8.5 lakh applicants for more than 125 crore equity shares (aggregating over Rs 48,000 crore), against the eight crore shares of offer," said Mr S.S. Kohli, Chairman and Managing Director of PNB.

While the total over-subscription was to the tune of 15.63 times, the corresponding numbers were 26.91 times for qualified institutional bidders, 30.5 times for the non-institutional portion and four times for the retail portion.

Of the eight crore shares on offer, 10 per cent (80 lakh shares) were reserved for employees and another 10 per cent for existing shareholders.

Of the remaining 6.4 crore shares, a minimum 35 per cent was reserved for retail individual investors and 15 per cent for non-institutional bidders, while institutional bidders were allowed to bid for 50 per cent.

Besides the Rs 3,120 crore mobilised through the public issue, the Centre would get about Rs 1,170 crore on return of three crore shares by PNB. This will bring down Government holding in the bank to 57 per cent (post-issue, post-return of capital), from the existing 80 per cent.

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