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| Punjab & Sind Bank IPO likely before Sept 2010 |
| Press Trust of India / New Delhi Oct 13, 2009, 16:50 IST |
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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 initial public offer (IPO) in the first half of the next fiscal.
"We will start preparation for public issue during the current fiscal. As soon as we are ready with the March 2010 numbers we will file draft prospectus with Sebi," Chairman and Managing Director of Punjab & Sind Bank G S Vedi told PTI.
"We will time the issue in such a fashion that we are there before September 2010. Our intention is that we are through with IPO between April and September next year," he said.
The bank would seek approvals from the bank's board and the Finance Ministry as well as Reserve Bank's clearance.
On stake dilution, Vedi said it could be in the range of 20-25 per cent through the public offer.
With the IPO the bank will get Tier I capital and this is long-term capital to support future growth, he said.
To increase attractiveness of the shares, the government last year restructured equity structure of the bank.
Restructuring was intended to enable the bank to go for initial public offer at a reasonable premium and raise capital for growth.
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