Punjab National Bank (PNB) has raised Rs 5,000 crore through Qualified Institutional Placement (QIP) to fund expansion plan. The Bank had floated offer for raising Rs 3,000 crore with green shoe option of Rs 2,000 crore, which were fully subscribed.
The sale comprised about 14% of the bank's outstanding equity. The Bank had approved the floor price of Rs 176.35 per share of face value Rs 2.
PNB is one of the oldest banks in India having a virtual presence in every important center of the country. The Bank caters to a wide variety of audience through spectrum of services including corporate and personal banking, industrial finance, agricultural finance and international finance.