PNB closes QIP issue at 5% discount to floor price

Kolkata: State-owned has raised equity capital at Rs 33.75 per share in a qualified institutional placement (QIP), offering about 5% discount on the floor price for the issue.

The bank has declared the closure of the issue on Friday but it did not reveal how much equity it raised.

The floor price was fixed at Rs 35.51 a share, the bank said in a regulatory filing.

The lender was targeting to raise Rs 1,800 crore including an option to retain oversubscription up to Rs 600 crore.

PNB’s share price closed Friday at Rs 36.85 on BSE, about 0.67% lower than the previous close.

It had raised Rs 3,788 crore in QIP in December last year, while the target was to raise Rs 7,000-crore. Later, it had said that it would look to raise the balance Rs 3,200 crore this financial year.