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PNB units ground value for QIP at Rs 37.35 per share

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NEW DELHI: Punjab National Bank (PNB) has set the ground value for its proposed QIP of Rs 7,000 crore at Rs 37.35 per share.

The Capital Raising Committee of the financial institution at a gathering held on Tuesday authorised the opening of the QIP problem and accredited the ground value at Rs 37.35 per fairness share, PNB stated in a regulatory submitting.

The financial institution might at its discretion supply a reduction of no more than 5 per cent on the ground value, it added.

PNB stated the committee will meet on Friday to think about and decide the problem value for the fairness shares, together with a reduction, if any, to be allotted to Qualified Institutional Buyers, pursuant to the QIP (certified institutional placement).

With this fund mobilisation, capital-to-risk-weighted property ratio of the financial institution, which was at 12.eight per cent on the finish of September quarter, would improve to 13.5-14 per cent.

PNB inventory closed 1.70 per cent down at Rs 40.55 on BSE.

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