State-owned Punjab National Bank raises Rs 5,000 crore through QIP issue

State-owned Punjab National Bank (PNB) has raised Rs 5,000 crore through an issue of equity shares to qualified institutional players.

The bank allocated about 48.19 crore equity shares at an issue price of Rs 103.75 per share, which was at a discount of 4.96 per cent to the floor price of Rs 109.16 per share, PNB said in a statement.

The bank's QIP issue was open for subscription from September 23 to 26, 2024, it said.

"The bank received Bids from Qualified Institutional Buyers (QIBs) including Mutual Funds, Foreign Portfolio Investors (FPIs), Insurance Companies, etc., to the tune of Rs 41,734 crore for the QIP Issue, which is 16.7 times the base issue size of Rs 2,500 crore and 8.3 times the total issue size of Rs 5,000 crore," it said.

The amount of capital raised through QIP issue will augment the bank's CET-1 Ratio and the overall Capital Adequacy Ratio, it added.