Stock MarketBusiness

PNB opens QIP issue, sets floor price at Rs 35.51 per share

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  • PNB board passed a resolution associated with approval and adoption of the Preliminary Placement Document dated May 10, 2021, and therefore the form dated May 10, 2021, in reference to the QIP

The board of directors of Punjab commercial bank approved the opening of qualified institutional placement (QIP) on Monday. The Capital Raising Committee of the bank would meet on May 14, Friday, to think about and determine the difficult price for the equity shares to be allotted to eligible qualified institutional buyers, the general public sector lender informed during a regulatory filing.

The PNB board had approved the difficulty in its meeting on July 9, 2020, while the shareholders approved an equivalent via a special resolution passed at the Annual General Meeting persisted August 4, 2020, for the QIP.

In its latest meeting, the board passed a resolution associated with approval and adoption of the Preliminary Placement Document dated May 10, 2021, and therefore the form dated May 10, 2021, in reference to the QIP. The board also authorised an opening on the difficulty on May 10, 2021.

The board further approved the ground price of Rs 35.51 per equity share for the QIP, as per SEBI’s Issue of Capital and Disclosure Requirements (ICDR) Regulations.

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“The ‘relevant date’ for the aim of the QIP, in terms of Regulation 171(a)(i) of the SEBI ICDR Regulations, is May 10, 2021, and accordingly the ground price in respect of the aforesaid QIP, supported the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is Rs 35.51 per equity share. Pursuant to the SEBI ICDR Regulations, the bank may, at its discretion offer a reduction of less than 5 percent on the ground price,” PNB said in its filing.

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The board of directors of Punjab commercial bank approved the opening of qualified institutional placement (QIP) on Monday. The Capital Raising Committee of the bank would meet on May 14, Friday, to think about and determine the difficult price for the equity shares to be allotted to eligible qualified institutional buyers, the general public sector lender informed during a regulatory filing.

The PNB board had approved the difficulty in its meeting on July 9, 2020, while the shareholders approved an equivalent via a special resolution passed at the Annual General Meeting persisted August 4, 2020, for the QIP.

In its latest meeting, the board passed a resolution associated with approval and adoption of the Preliminary Placement Document dated May 10, 2021, and therefore the form dated May 10, 2021, in reference to the QIP. The board also authorised an opening on the difficulty on May 10, 2021.

The board further approved the ground price of Rs 35.51 per equity share for the QIP, as per SEBI’s Issue of Capital and Disclosure Requirements (ICDR) Regulations.

ALSO READ: SBI Cards raised Rs 455 cr via the issue of bonds

“The ‘relevant date’ for the aim of the QIP, in terms of Regulation 171(a)(i) of the SEBI ICDR Regulations, is May 10, 2021, and accordingly the ground price in respect of the aforesaid QIP, supported the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is Rs 35.51 per equity share. Pursuant to the SEBI ICDR Regulations, the bank may, at its discretion offer a reduction of less than 5 percent on the ground price,” PNB said in its filing.

“Further, in terms of Regulation 29(1) of the SEBI ICDR Regulations, we wish to tell you that a gathering of the Capital Raising Committee of the bank is scheduled to be persisted Friday, May 14, 2021, to, inter alia, consider and determine the difficulty price, including a reduction, if any, for the equity shares to be allotted to eligible qualified institutional buyers, pursuant to the QIP issue,” the bank further added.      PNB PNB

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