Punjab National Bank launches up to $777 million share sale
India`s state-run banks are raising funds as part of a recapitalisation plan in which New Delhi will inject 1.35 trillion rupees through recapitalisation bonds.
Indian state-run Punjab National Bank has launched a share sale to qualified institutions to raise at least 30 billion rupees ($466.2 million) with an upsize option for another 20 billion rupees, according a source and a deal term sheet.
Punjab National Bank, the second-biggest state-run lender in the country, is looking to sell the shares at an indicative price of 168 rupees each, according to the source and the term sheet.
The stock closed at 172.95 rupees on Monday.
The total fund-raising of 50 billion rupees, including the upsize option, is aimed at boosting the bank`s capital ratio.
India`s state-run banks are raising funds as part of a recapitalisation plan in which New Delhi will inject 1.35 trillion rupees through recapitalisation bonds, while the lenders are required to raise on their own about 580 billion rupees.
Bank of America Merrill Lynch, Credit Suisse, Goldman Sachs, HSBC, Kotak Mahindra Capital, Morgan Stanley and PNB Investment Services are the banks managing the sale.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
09:39 AM IST