Punjab National Bank QIP: PSU bank mulls fund raise! Check floor price, other details
Ahead of the launch of QIP, shares of Punjab National Bank surged 2.81 per cent to close at Rs 111.50 per share on BSE. The scrip opened at Rs 108.46 per share, making a high of Rs 111.90 and a low of Rs 108.45.
Authored by: Varun Yadav
Updated Sep 23, 2024 20:05 IST
Photo : Shutterstock.com
Punjab National Bank launches QIP today, fixes floor price at Rs 109.16 per share.
Article Highlights
- Punjab National Bank has launched fixed the Qualified Institutions Placement of equity shares today, September 23.
- QIP is a corporate mechanism through which the companies raise funds to complete their capital requirements for varied purposes.
- Shares of PNB have given consistent returns to investors in the past few years.
Punjab National Bank has launched the Qualified Institutions Placement of equity shares today, September 23, as informed in the exchange filing. The PSU bank has also fixed the floor price for the QIP to raise funds. PNB board had approved the fund raising plan in its meeting held on December 28, 2023.
QIP is a corporate mechanism through which the companies raise funds to complete their capital requirements for varied purposes including daily operations and capex investment. QIP is a faster and cheaper alternative to raise money.
PNB QIP floor price
The PSU Bank has fixed the floor price for the Qualified Institutions Placement of equity shares of face value of Rs 2 each. The floor price approved in its meeting held on September 23, 2024 is at Rs 109.16 per share, reflecting a discount of 2.24 per cent."...Pursuant to Regulation 176(1) of the SEBI ICDR Regulations and the special resolution passed by the shareholders of the Bank in the Extraordinary General Meeting held on 05.03.2024, the Bank may offer a discount of not more than 5% on the floor price so calculated for the Issue," the company said in a filing.
The Issue price will be determined by the Bank in consultation with the Book Running Lead Managers appointed in relation to the Issue.
Punjab National Bank
₹110.91
-0.77%
Today’s Low / High
₹ 110.52
₹ 111.88
52 Week Low / High
₹ 85.46
₹ 130.19
PNB share price
Ahead of the launch of QIP, shares of Punjab National Bank surged 2.81 per cent to close at Rs 111.50 per share on BSE. The scrip opened at Rs 108.46 per share, making a high of Rs 111.90 and a low of Rs 108.45. The stock's 52-week movement indicates a high of Rs 142.90 and a low of Rs 67.34.PNB is a constituent of BSE 100 with a market capitalisation of Rs 1.22 lakh crore.
PNB share price history
Shares of PNB have given consistent returns to investors in the past few years. The stocks, however, down 11 per cent in the past three months, underperforming Sensex and BSE financial services. The YTD return of the stock stands at 14 per cent. The two- and five-year returns of the stocks stood at 192.27 per cent and 67.17 per cent respectively.(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
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