Punjab & Sind Bank (PSB) would be listed on bourses and is likely to raise Rs. 480 crore through its initial public offer (IPO), which opens on December 13 and closes on December 16, 2010.
Through the issue, priced at Rs. 113-120 a share of Rs. 10 face value, the century-old lender will issue fresh equity worth 17.93 per cent, or 4 crore equity shares. The net issue, however, will only be 17.04 per cent.
At the lower end of the price-band, the issue will fetch Rs. 452 crore to the bank, while on the upper end, it will mop up Rs. 480 crore.
The IPO proceeds would be utilised for business expansion. The funds raised would take care of the bank’s credit growth requirement over the next two to three years.
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