Punjab National Bank (PNB) 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 per cent 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 per cent at the end of September quarter, would increase to 13.5-14 per cent.
PNB stock closed 1.70 per cent down at Rs 40.55 on BSE.
