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| Punjab & Sind Bank IPO |
The initial public offer (IPO) of state-owned Punjab& Sind Bank (PSB) will hit the market early next month. It will be an issue of 40 million equity shares with a face value of Rs 10 each. The IPO will see an equity dilution of 17.9 per cent. The government stake in the bank will fall to 82.1 per cent after the offer.
“Punjab& Sind Bank (PSB) is are planning to launch it in the first fortnight of December. The funds will be used to scale up lending and meet our requirements for the next two-three years. Besides getting us capital for expansion, listing will put a lot of positive pressure on us to perform,” said Executive Director PK Anand of Punjab& Sind Bank (PSB).
PSB, the only unlisted public sector bank in India, may give a five per cent discount to retail investors and employees. The board is meeting next week to consider the proposal.
The Punjab& Sind Bank bank was earlier planning to launch the IPO in July. It deferred the issue as the board had to rework plans in line with the government rule on minimum 25 per cent public shareholding.
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