Punjab & Sind Bank seeks govt OK for IPO

Punjab and Sind Bank Ltd had sought government approval for its proposed initial public offer, a source close to the development said today.

The bank aims to launch the issue in early part of the financial year starting April.

“We are planning to raise around 5 bln rupees through the IPO and are targeting to launch it in early next financial year,” the source told NewsWire18.

Government holding in the bank is expected to come down to 83-84% following the public offer, the source said.

“We will be offering 40 mln equity shares with a face value of Rs 10 per share in the public issue,” the source said. The bank is likely to charge a premium of 110-120 rupees per share in the IPO.