Punjab National Bank (PNB) fixes floor price for share sale

State-owned Punjab National Bank (PNB) on Monday fixed a floor price of Rs 109.16 per share for its share sale through qualified institutional placement (QIP).

The bank had taken board approval last year for raising up to Rs 7,500 crore via share sale in one or more tranches during 2024-25.

The board approved and adopted the preliminary placement document together with the application form in connection with the issue, PNB said in a regulatory filing.

It also approved the floor price Rs 109.16 per share based on the pricing formula as prescribed under Regulation 176 of the Sebi ICDR Regulations, it said.

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 issue price will be determined by the bank in consultation with the book running lead managers appointed in relation to the issue, it added.