Punjab National Bank has set the floor price for its proposed QIP of Rs 7,000 crore at Rs 37.35 per share.
The Capital Raising Committee of the bank at a meeting held on Tuesday authorised the opening of the QIP issue and approved the floor price at Rs 37.35 per equity share, PNB said in a regulatory filing.
The bank may at its discretion offer a discount of not more than 5% on the floor price, it added.
PNB said the committee will meet on Friday to consider and determine the issue price for the equity shares, including a discount, if any, to be allotted to Qualified Institutional Buyers, pursuant to the QIP (qualified institutional placement).
With this fund mobilisation, capital-to-risk-weighted assets ratio of the bank, which was at 12.8% at the end of September quarter, would increase to 13.5-14%.
PNB stock closed 1.70% down at Rs 40.55 on BSE.
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