Punjab National Bank QIP issue falls short of target by 46%

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State-claimed Punjab National Bank (PNB) has raised a little more than 54 percent of the focused on asset mop-up through QIP, which shut on Friday with Rs 3,788.04 crore in the kitty. Private area IDBI Bank too shut its QIP without revealing the sum raised. 


PNB had wanted to raise up to Rs 7,000 crore through qualified institutional arrangement (QIP) that had opened on Tuesday (December 15). 


The capital raising panel of the top managerial staff of the bank has its gathering hung on December 18, 2020, passed the goal to announce the conclusion of the QIP today (December 18) in accordance with the receipt of utilizations from qualified institutional purchasers, PNB said in an administrative documenting. 


The bank said it has endorsed the issuance of 106,70,52,910 value shares at an issue cost of Rs 35.50 (at a markdown of 4.95 percent from floor value) conglomerating to Rs 3788,03,78,305 (Rs 3,788.03 crore) to be designated to qualified institutional purchasers in the issue. 


The Delhi-settled moneylender said it has likewise endorsed the position record and issuance affirmation of assignment notes to effective bidders in the issue, hinting them of allotment of value partakes in the QIP. 


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PNB had directed a non-bargain roadshow before the dispatch of the issue. Then, LIC-controlled IDBI Bank too shut its QIP on Friday (opened on December 15) at an issue cost of Rs 38.60 per share, at a rebate of 5 percent to the floor cost of Rs 40.63 per share. 


IDBI Bank's QIP was for Rs 2,000 crore, be that as it may, the bank has not educated how much asset it has cleaned up from the issue. The QIP council at its gathering endorsed the conclusion of the issue today (December 18), IDBI Bank said in an administrative recording, without giving subtleties how much capital it has raised. 


The private area loan specialist had initially focused to raise Rs 6,000 crore through QIP, which was cut back to Rs 2,000 crore when it opened recently on Wednesday. PNB shares shut 1.22 percent down at Rs 36.55 each on BSE. IDBI Bank settled 1.70 percent lower at Rs 40.50 per scrip.

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