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Home / Companies / News /  PNB raises 1,800 cr via QIP; offers shares at 33.75 per unit

Punjab National Bank has raised 1,800 crore by selling 53 crore shares on a private placement basis to investors like LIC and Societe Generale, the public sector bank said on Saturday.

Eligible Qualified Institutional Buyers (QIBs) were given the share at an issue price of 33.75 per unit aggregating to 1,799.99 crore, PNB said in a regulatory filing. ''In respect of the QIP, the capital raising committee of board of the bank has in its meeting held today i.e. May 15, 2021, approved the allotment of 53,33,33,333 Equity Shares to eligible Qualified Institutional Buyers at an Issue Price of Rs. 33.75 per Equity Share,'' the bank said.

The qualified institutional placement (QIP) issue had opened on May 10 and closed on Friday with the bank fixing issue price at a 5% discount to the floor price of 35.51 per unit.

"Pursuant to the allotment of equity shares in the QIP, the Paid-Up Equity Share capital of the Bank stands increased from 2,095.54 crore comprising of 10,47,76,82,225 Equity Shares to 2,202.20 Crore comprising of 11,01,10,15,558 Equity Shares," it said.

Societe Generale of France picked up 23.22% (12.3 crore shares) of the total share offering, followed by LIC which bought 22.2% (11.8 crore shares), and another French firm BNP Paribas garnered 13.3% (7.1 crore shares). Morgan Stanley Asia Fund 8.33% , Kuner India Fund and Segantii India Mauritius 5.56% each, while Vikasa India EIF secured 5% of the QIP.

The board had given nod for mobilising 7,000 crore from QIP in one or more than one tranches. Of this, the bank had raised 3,788.04 crore in December, following which the government holding in the bank came down from 85.59% to 76.87%.

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