State-owned Punjab & Sind Bank has set a floor price of Rs 40.38 per share for its Qualified Institutional Placement (QIP) as part of its plan to raise Rs 2,000 crore.
In a regulatory filing on Monday, the bank announced that its board had approved and adopted the preliminary placement document dated March 24, 2025, along with the application form related to the issue.
The floor price was determined based on the pricing formula prescribed by the Securities and Exchange Board of India (SEBI) regulations. Additionally, the bank has the option to offer a discount of up to 5 percent on the calculated floor price, as permitted under SEBI guidelines.
The QIP is expected to strengthen the bank’s capital base and support its growth objectives. More details regarding investor participation and the final pricing will be disclosed in due course.
