Punjab & Sind Bank
Punjab & Sind Bank is a major bank in Northern India. Of its almost 900 branches and offices spread throughout India. Punjab and Sind Bank, which began business in 1895, is the smallest of the state-run banks in terms of business.
“The bank was not doing well some eight years back, but has gained momentum in terms of garnering business in the years after. We think this is the
right time to unlock the value through an initial share offering,” Anand said.
Mr P.K.Anand, Executive Director, Punjab and Sind Bank, with Mr H.S. Makker, Chief GM has announce the bank's IPO in Mumbai during a news conference.
The bank plans to sell around 40 million shares in an initial public offering (IPO).
Retail investors will be sold shares at a discount of 5%. The government will dilute around 18% of its holding in the bank.The opening date is 13th December. The bank is proposing to enter the market with a fresh issue of four crore shares and will raise close to Rs 480 crore through the issue.Although the lender is yet to announce a price band, it is likely to be above its book value of Rs120 per share.
At the end of the last fiscal in March, the bank had total deposits of Rs52,945.09 crore and advances of Rs35,859.97 crore. It had 926 branches as of 31 October.
Important Dates
Issue Opening Date:- 13th December 2010
Issue Closing Date:- 16th December 2010
Issue Size:- 40,000,000 Equity Shares of Rs. 10
Issue Price:- Rs. 113 - Rs. 120 Per Equity Share
Minimum Order:- 50 Shares
Market Lot:- 50 Shares
Registered Office :
Punjab & Sind Bank
Bank House,
21, Rajendra Place, New Delhi
Phone: 91 11 2572 0849
Fax: 91 11 2578 1639
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