Punjab and Sind Bank IPO : Files DRHP With SEBI

by khalid on 08/09/2010 · 1 comment

Nationalised bank, Punjab and Sind Bank is planning to enter capital markets with a public issue aggregating upto Rs 600 crore for equity shares of face value Rs 10 each. The bank has filed a Draft Red Herring Prospectus (DRHP) on 30th August 2010 with market regulator Securities and Exchange Board of India (SEBI). The premium to be decided via 100% book building process. The issue is likely to hit market next month or early October. Punjab & Sind Bank is the only unlisted nationalised bank.

The bank proposes to issue 4 crore shares through its maiden public float and currently, the government owns 100 per cent stake in the bank. There are 19 nationalised banks and 18 of them are listed, with the latest being the Kolkata-based United Bank of India that got listed earlier this year.

The IPO proceeds would help the bank to grow the business and asset book. The bank is also expecting a capital infusion of Rs 500-700 crore from the Centre this fiscal to shore up its tier I capital above 8 per cent from 7.68 per cent as of March 2010.

The Equity Shares are proposed to be listed on the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange of India Limited (NSE).

Book running lead managers to the issue are SBI Capital, ICICI Securities and Enam Securities .

Registrar of the Issue : Link Intime (India).

Stay tuned to BelltheBull Blog for more on Punjab and Sind Bank IPO !

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