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Punjab National Bank’s qualified institutional placement issue opened on Monday with the Bank approving a floor price of ₹35.51 a share. This is the first QIP issue that the bank is offering during the current fiscal.
It may be recalled that PNB had in December 2020 raised ₹3,788 crore through QIP, which fell short of its then target of ₹ 7000 crore. The amount raised through that QIP included ₹1,500 crore from LIC.
CH.SS Mallikarjuna Rao, MD & CEO, PNB, had in February said the bank is looking for an opportune time to raise the balance ₹3,212 crore.
PNB had last year aimed to raise ₹14,000 crore, including ₹7,000 crore in QIP.
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