PNB’s
IPO garners Rs 690 crore
Our Banking Bureau
4 April 2002
 New
Delhi: The
recently concluded initial public offering (IPO) of Punjab
National Bank (PNB) has garnered an over-subscription of over 300
per cent, with the total subscription touching about Rs 690 crore
against the issue size of Rs 164.49 crore.
 PNB
chairman and managing director S S Kohli says the issue’s
success was due to an aggressive pricing, backed by a very strong
marketing effort. “The large over-subscription also shows that
investors have confidence in PNB’s fundamental strength.”
The IPO has received
1,50,000 applications from investors. But Kohli says the details
of the subscription are not fully available, as it is still under
compilation.
The PNB issue, which will
result in the government holding in the bank coming down to 80 per
cent from the earlier 100 per cent,  was
open for subscription from 21-28 March 2002. PNB had come up with
a issue of 5.30-crore shares of Rs 10 each for cash at a premium
of Rs 21 per share aggregating Rs 164.49 crore.
Go to the Punjab National
Bank index page
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