punjab and sind bank ipo subscription status | punjab and sind bank ipo price band

punjab and sind bank ipo subscription status | punjab and sind bank ipo price band

The initial public offering (IPO) of state-run Punjab & Sind Bank was subscribed 68% at 16:00 IST, the first day of the issue today, 13 December 2010. The IPO got bids for 2.7 crore shares compared with 4 crore shares on offer.

The price band for the IPO is Rs 113-120 per equity share. The issue comprises a net issue to the public of 3.80 crore equity shares and a reservation of 20 lakh shares for subscription by eligible employees. The net issue constitutes 17.04% of the post-issue share capital of the bank.

The issue will close on 15 December 2010 for qualified institutional investors (QIB) and on 16 December 2010 for other investors. A discount of 5% will be offered to retail bidders and employees on the final price discovered through the book-building route.

Punjab & Sind Bank is a Government of India (GoI) undertaking, incorporated in June 1908 in Amritsar. As on 31 October 2010, Punjab & Sind Bank had 926 branches and 63 ATMs across India.

The issue has received ‘Grade 4′ by Credit Analysis & Research (CARE), indicating above average fundamentals.

Posted by musicking on Dec 13 2010. Filed under Business news. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry