State-owned Punjab and Sind Bank will list its equity shares, which issued recently via public issue, on exchanges on December 30, 2010. It has fixed issue price at higher end of price band of Rs 113-120 a share.
The bank raised nearly Rs 480 crore through IPO, which was subscribed 50.75 times. Reserved portion of QIBs subscribed 49.80 times. Non-institutional and retail investors' portion subscribed 85.84 times and 44.45 times, respectively. The employee portion subscribed 1.61 times.
The 4 crore equity shares' IPO was opened for subscription during December 13-16.
The object of the issue was 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 82.07 stake in the bank post issue.
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