PNB issue subscribed 4.88 times

The public offer of Punjab National Bank (PNB) in the price band of Rs 350-390 per share was subscribed 4.88 times, according to data on the website of the National Stock Exchange (NSE).

Total bids received on Day 1 stood at 39.097 crore shares as against an offer for eight crore shares - a subscription of 4.88 times.

The maximum bids (36.08 crore shares) have been made at the upper price of Rs 390 per share.