Punjab & Sind Bank IPO : Care gives 4 out of 5 Grade

by khalid on 05/12/2010 · 0 comments

Punjab & Sind Bank IPO has got 4 out of 5 by CARE (rating agency) and this rating/grading is Above Average fundamental for a Bank IPO. The grade 4 indicates that the fundamentals of the IPO are Above Average fundamental compared to the other listed securities in India. The bank is entering into primary market with an Initial Public Offer (IPO) of 4,00,00,000 Equity Shares of Rs 10 each. The IPO is opening on early December 2010. The premium of the issue will be decided through a 100% Book Building Process. The price band for the issue has been fixed at Rs 113 – Rs 120 Per Equity Share. Punjab & Sind Bank is a major bank in Northern India. Of its almost 900 branches and offices spread throughout India, almost 400 are in Punjab state, though the bank’s corporate headquarters is in New Delhi. Punjab & Sind Bank is the only unlisted state-owned bank in the country

Issue Detail:-
Issue Open : 13th Dec 2010 – 16th Dec 2010
Issue Type : 100% Book Built Issue IPO
Issue Size : 40,000,000 Equity Shares of Rs 10 each
Issue Size : Rs 452.00 – 480.00 Crore
Face Value : Rs 10 Per Equity Share
Issue Price : Rs 113 – Rs 120 Per Equity Share
Minimum Bid Quantity : 50 Shares (Rs. 6000 with 1 Lot)
Maximum Bid Quantity : 1650 Shares (Rs. 198000 with 33 Lot)
Listing At : BSE, NSE

Maximum Subscription Amount for Retail Investor : Rs. 200000

The objects of the fresh issue :- The proceeds from the IPO will be used for business expansion, adding that the funds raised would take care of the bank’s credit growth requirement over the next two to three years.

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

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