PNB raises Rs 1,800 crore via QIP; offers shares at 33.75 per unit

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State-owned on Saturday said it has raised Rs 1,800 crore by selling 53 crore shares on a private placement basis to investors like LIC and Societe Generale. Eligible Qualified Institutional Buyers (QIBs) were given the share at an issue price of Rs 33.75 per unit aggregating to Rs 1,799.99 crore, PNB said in a regulatory filing.

The qualified institutional placement (QIP) closed on Friday with the bank fixing issue price at a 5 per cent discount to the floor price of Rs 35.51 per unit.

“Pursuant to the allotment of equity shares in the QIP, the Paid-Up Equity Share capital of the Bank stands increased from Rs 2,095.54 crore comprising of 10,47,76,82,225 Equity Shares to Rs 2,202.20 Crore comprising of 11,01,10,15,558 Equity Shares,” it said.

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Sharing details of some of the large investors of the QIP, the bank said, Societe Generale of France picked up 23.22 per cent (12.3 crore shares) of the total share offering, followed by LIC which bought 22.2 per cent (11.8 crore shares), and another French firm BNP Paribas garnered 13.3 per cent (7.1 crore shares).

Other big investors were Morgan Stanley Asia Fund 8.33 per cent, Kuner India Fund and Segantii India Mauritius 5.56 per cent each, while Vikasa India EIF secured 5 per cent of the QIP.

The bank had headroom to raise about Rs 3,200 crore from share sale as per the board and shareholders nod of July 9 and August 4, 2020, respectively.

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With this round of QIP, the bank has a window of raising further Rs 1,400 crore from QIP during the year.

The board had given nod for mobilising Rs 7,000 crore from QIP in one or more than one tranches. Of this, the bank had raised Rs 3,788.04 crore in December, following which the government holding in the bank came down from 85.59 per cent to 76.87 per cent.

During the last QIP, the bank issued 106.71 crore shares at an issue price of Rs 35.50 (at a discount of 4.95 per cent from floor price) aggregating to Rs 3,788.03 crore. The floor price of the last round of QIP was Rs 37.35 per share.

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On Friday, shares of the PNB closed at Rs 36.85 per unit, down 0.67 per cent on the BSE.

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