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Punjab National Bank sets floor price for QIP

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Punjab National Bank sets floor price for QIP

India's Punjab National Bank set the floor price of its qualified institutional placement at 176.35 rupees per share.

The lender plans to raise up to 50 billion rupees through the share sale, which opened Dec. 11, according to a same-day stock exchange filing.

The bank said it will determine the issue price Dec. 14, and may offer a discount of up to 5% on the floor price.

Net proceeds of the issuance will be used to boost the lender's common equity Tier I capital and for general corporate purposes, the bank said in a preliminary placement document also filed Dec. 11.

Kotak Mahindra Capital Co. Ltd., DSP Merrill Lynch Ltd., Credit Suisse Securities (India) Pvt. Ltd., Goldman Sachs (India) Pvt. Ltd., HSBC Securities and Capital Markets (India) Pvt. Ltd., Morgan Stanley India Co. Pvt. Ltd. and PNB Investment Services Ltd. are the book-running lead managers for the share sale.

As of Dec. 11, US$1 was equivalent to 64.37 Indian rupees.