Punjab & Sind Bank Sets QIP Floor Price at Rs 40.38

Punjab & Sind Bank has announced a floor price of Rs 40.38 per share for a Rs 2,000 crore fund raise through Qualified Institutional Placement (QIP). The board has approved the pricing based on SEBI regulations and may offer a discount of up to 5%.

Punjab & Sind Bank, a state-owned entity, has set a floor price of Rs 40.38 per share to initiate a Rs 2,000 crore fundraising endeavor through Qualified Institutional Placement (QIP). This move was detailed in a recent regulatory filing.

Approved by the bank's board during a meeting, the preliminary placement document, dated March 24, 2025, was adopted in conjunction with the application form pertinent to this financial strategy. The floor price aligns with the pricing formula stipulated by SEBI regulations.

Additionally, Punjab & Sind Bank might consider offering a discount not exceeding 5% off the calculated floor price to attract institutional investors in this round of funding.

(With inputs from agencies.)