Punjab Sind Bank Plans An IPO of Rs 600 Crore This September (19-Jul-2010)
State-owned Punjab & Sind Bank is planning to raise about Rs 600 crore through an initial public offer (IPO), which is likely to hit market next month or early September. The bank is awaiting approval from the government for 25% stake dilution, which can come any time. Though, the company hopes to get approval by next week.
As part of the IPO, the government would offload 25% stake against 17% planned earlier. Once the nod comes, it will take not more than one more week for the company to file draft prospectus with Securities and Exchange Board of India (SEBI).
The fund proceeds would be utilized for business expansion. At the same time, the bank plans to increase its branch network from 918 to 1,000 by the end of March.
The bank had earlier got approval from the government to offload 17% stake but later revised the stake dilution to 25%. This was done following government's decision that all the listed companies should increase their public holding to a minimum of 25% in a phased manner.
Punjab & Sind Bank is the only unlisted bank among 19 nationalized banks in the country. Currently, the government owns 100% stake in the bank.
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