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12-Dec2017

PNB launches share sale to raise at least Rs 30 billion: Report

Punjab National Bank (PNB) has reportedly launched a share sale to qualified institutions to raise at least Rs 30 billion ($466.2 million) with an upsize option for another Rs 20 billion. The bank is looking to sell the shares at an indicative price of Rs 168 each.

The total fund-raising of Rs 50 billion, including the upsize option, is aimed at boosting the bank's capital ratio.

Further, Bank of America Merrill Lynch, Credit Suisse, Goldman Sachs, HSBC, Kotak Mahindra Capital, Morgan Stanley and PNB Investment Services are the banks managing the sale.


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