PNB plans to sell its entire holding of 0.11% in NSE for over Rs 480 mn

Punjab National Bank (PNB) is looking to sell its entire holding of 0.11 per cent in the National Stock Exchange (NSE) and expecting to raise over Rs 480 million by divesting the stake.

Bank's subsidiary PNB Investment Services Limited (PNBISL) has invited bids from merchant bankers on behalf of PNB to arrange for investors.

"Punjab National Bank (PNB) intends to sell its equity shareholding in the National Stock Exchange of India Ltd (NSE) through a competitive bidding process," according to the request for proposal on the website of PNBSIL.

PNB has set a floor price of Rs 879 per equity to sell its stake of 0.11 per cent stake equivalent to 550,000 shares in the NSE.

Thus, the divestment of the stake in the NSE is expected to fetch at least Rs 483.5 million to the bank.

The state-owned lender said that it intends to complete the assignment of selling the stake in the NSE by September 30, 2018.

Earlier this week, State Bank of India said it will sell 3.89 per cent stake in the NSE as part of capital raising exercise.