Punjab & Sind Bank Fixes QIP Floor Price at Rs 40.38 - Business News
Punjab & Sind Bank has set the floor price for its Qualified Institutional Placement (QIP) at Rs 40.38 per share, aiming to raise Rs 2,000 crore. Read more about the bank's fundraising plans.
New Delhi, Mar 24 (PTI) State-owned Punjab & Sind Bank on Monday fixed the floor price of Rs 40.38 per share to raise funds through QIP.
The bank has proposed to raise Rs 2,000 crore through Qualified Institutional Placement (QIP).
The board in its meeting approved and adopted the preliminary placement document dated March 24, 2025, together with the application form in connection with the issue, Punjab & Sind Bank said in a regulatory filing.
The board also approved the floor price of the issue at Rs 40.38 based on the pricing formula as prescribed by Sebi regulations, it added.
The bank may offer a discount of not more than 5 per cent on the floor price so calculated for the issue, it said.
The bank has proposed to raise Rs 2,000 crore through Qualified Institutional Placement (QIP).
The board in its meeting approved and adopted the preliminary placement document dated March 24, 2025, together with the application form in connection with the issue, Punjab & Sind Bank said in a regulatory filing.
The board also approved the floor price of the issue at Rs 40.38 based on the pricing formula as prescribed by Sebi regulations, it added.
The bank may offer a discount of not more than 5 per cent on the floor price so calculated for the issue, it said.
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