PNB maiden issue at Rs 21 premium

New Delhi: Punjab National Bank (PNB) will hit the capital market with its maiden public issue of 5,30,60,700 equity shares of Rs 10 each for cash at a premium of Rs 21 per share, aggregating to Rs 164.49 crore, to augment its long-term resources and capital-base to meet future capital requirements. The issue opens on 21 March 2002 and is slated to close on 28 March 2002.

PNB chairman and managing director S S Kohli told newspersons here that post-issue, the government holding in the bank will come down to 80 per cent from the present 100 per cent.

Kohli said the book value of the banks equity shares of Rs 10 each stood at Rs 124.93 as on September 2001 and the earning per share for the first half of the current year stood at Rs 31.