Punjab & Sind Bank IPO, Dec 13 – 16, 2010

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The initial public offering (IPO) of State-owned Punjab & Sind Bank will be opening for subscription from December 13. The bank will offer 4 crore equity shares through IPO.

The issue comprises a net issue to the public of 3.8 crore equity shares and a reservation of 20 lakh equity shares for subscription by eligible employees. The issue shall constitute 17.93% of the post-issue share capital of the bank.

Its subscription will close on December 15 for qualified institutional investors (QIB) and on December 16 for other investors.

The objective of the issue is to augment capital base to meet the future capital requirements arising out of the growth in assets due to the growth of the Indian economy.

President of India, acting through the Ministry of Finance, Government of India, holds 100% stake in the bank, which will be reduced to 82.07% post issue.

SBI Capital Markets Limited, Enam Securities Pvt Ltd and ICICI Securities Limited are the book running lead managers to the issue.

Punjab and Sind Bank IPO Date

Punjab & Sind Bank is a major bank in Northern India. Of its almost 900 branches and offices spread throughout India, almost 400 are in Punjab state, though the bank’s corporate headquarters is in New Delhi.

Punjab & Sind Bank will be opening for subscription from December 13, reports CNBC-TV18. The bank will offer 4 crore equity shares through IPO.

Its subscription will close on December 15 for qualified institutional investors (QIB) and on December 16 for other investors.

Punjab & Sind Bank IPO Allotment Status

SBI Capital Markets Limited, Enam Securities Pvt Ltd and ICICI Securities Limited are the book running lead managers to the issue.

Registrar is Link Intime India Pvt Ltd.

Check Punjab & Sind Bank IPO Allotment Status Here

Punjab & Sind Bank IPO Listing Date

Open Date 13-Dec-2010
Close Date 16-Dec-2010
Allotment Date 27-Dec-2010
Refund Date 28-Dec-2010
Listing Date 28 – 30 Dec-2010 (Expected)

Punjab and Sind Bank IPO Grading, Grade 4, Care IPO Grading

Rating agency CARE today assigned ‘ IPO Grade 4′, indicating above average fundamentals, to the proposed public offer of Punjab & Sind Bank (PSB), the only unlisted nationalised bank.

CARE assigns IPO grades on a scale of Grade 5 to Grade 1, with Grade 5 indicating strong fundamentals and Grade 1 indicating poor fundamentals, the rating agency said in a statement.

The grading derives strength from 100 per cent Government of India ownership of the bank, long track record of operations of over 10 decades, its established position in northern India and expanding network of branches and ATMs, it said.

The grading also factors in the bank’s healthy asset quality, strong growth in asset base, it said.

The grading is however constrained by the bank’s relatively small size, regional concentration, low technology orientation and declining proportion of low cost deposits, it said.

The bank is proposing an initial public offering (IPO) of 4,00,00,000 equity shares of face value of Rs 10 through 100 per cent book building process.

IPO grading assigned to any individual issue represents a relative assessment of the fundamentals of the issuer, it said.

PSB has already got Securities and Exchange Board of India’s clearance for the IPO which is expected to hit the market during this month.

Punjab & Sind Bank IPO Retail Investor Discount

The initial public offer (IPO) of state-owned Punjab & Sind Bank (PSB) will hit the markets on Dec 13, IPO will close on December 16.

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 to consider the proposal.

Punjab & Sind Bank IPO Price Band

India’s Punjab & Sind Bank has set the indicative price of its proposed initial public offering in a INR113-INR120 band, the state-owned lender said in a newspaper advertisement Wednesday.

The issue of 40 million shares to raise up to INR4.80 billion is scheduled to open on Dec. 13 and close Dec. 16, the advertisement said.

SBI Capital Markets Ltd, Enam Securities Pvt. Ltd. and ICICI Securities Ltd. are the book runners and lead managers of the issue.

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