Punjab & Sind Bank (PSB) has received fresh approval from the government for its initial public offering (IPO), a senior bank official said on Monday.
“We had enlarged the issue size to 62.5 million shares in view of the government order mandating 25 per cent public holding for all companies. But since the government has exempted public sector units from that rule now, we have got a fresh approval for the original offer of 40 million shares,” the official said. Listed state-owned companies are now required to have at least 10 per cent public holding.
The government on Friday approved the bank’s proposal to float the IPO. The bank was expected to file the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) early next week, the official said.
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