Punjab & Sind Bank IPO likely before Sept 2010: CMD
Press Trust Of India / Mumbai Oct 14, 2009, 00:00 IST
Punjab & Sind Bank, one of the two unlisted public sector banks in the country, is aiming to dilute government holding by 20-25 per cent through an initial public offer (IPO) in the first half of the next financial year.
“We will start preparation for a public issue during the current financial year. As soon as we are ready with the March 2010 numbers, we will file the draft prospectus with Sebi (Securities and Exchange Board of India),” said Chairman and Managing Director GS Vedi.
“We will time the issue in such a fashion that we are there before September 2010. Our intention is to be through with the IPO between April and September next year,” he said.
Vedi said the stake dilution could be in the range of 20-25 per cent. With the IPO, the bank would get Tier-I capital, that is, long-term capital to support growth, he said.
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