IPO from Punjab & Sind Bank hit to market by end November 2010
Punjab & Sind Bank, is entering the capital market with a Rs 600 crore initial public offer (IPO) by November-end. PSB is the only unlisted state-owned bank.
As per the draft prospectus filed by Punjab & Sind Bank,the bank proposes to issue up to 4 crore equity shares of Rs 10 each for cash at price to be discovered through a 100 per cent book building route. The government would offload About 17.9 per cent of its stake is offloaded by the Government through IPO and post-offer, Government's holding I the bank would come down to about 82 per cent.
About 20 lakh equities are proposed to be reserved for eligible employees as per details available with the draft prospectus filed with the SEBI.