Punjab National Bank raises Rs 5,000 crore through QIP issue

New Delhi: State-owned Punjab National Bank (PNB) has raised Rs 5,000 crore through an issue of equity shares to qualified institutional players.

The bank allocated about 48.19 crore equity shares at an issue price of Rs 103.75 per share, which was at a discount of 4.96 percent to the floor price of Rs 109.16 per share, PNB said in a statement.

The bank's QIP issue was open for subscription from September 23 to 26, 2024, it said.

"The bank received Bids from Qualified Institutional Buyers (QIBs) including Mutual Funds, Foreign Portfolio Investors (FPIs), Insurance Companies, etc., to the tune of Rs 41,734 crore for the QIP Issue, which is 16.7 times the base issue size of Rs 2,500 crore and 8.3 times the total issue size of Rs 5,000 crore," it said.

The amount of capital raised through the QIP issue will augment the bank's CET-1 Ratio and the overall Capital Adequacy Ratio, it added. 

Property Share Investment Trust, India's first Small and Medium Real Estate Investment Trust (SM REIT), has filed documents for an IPO of its PropShare Platina scheme, worth up to Rs 353 crore.

SM REITs, a new asset class regulated by markets regulator Sebi, target assets valued between Rs 50-500 crore and are required to distribute 95 percent of earnings to investors.

According to the draft papers filed, the IPO is a fresh issue, with no offer-for-sale component and proceeds will be mainly used for the acquisition of the Prestige Tech Platina asset.

ICICI Securities is the lead manager, and the units will be listed on BSE.