UCO, two other state-run lenders plan QIP issuance
Banks set a floor price on QIPs. Reports had suggested the government had approved a fundraising worth ₹10,000 crore in offer for sale for five PSU banks to maintain minimum public shareholding norms.
By ET Bureau | Updated:
Agencies
Mumbai: UCO Bank, Punjab & Sind Bank, and Central Bank of India are looking to raise funds through share sale to institutional investors.
Banks set a floor price on QIPs. Reports had suggested the government had approved a fundraising worth ₹10,000 crore in offer for sale for five PSU banks to maintain minimum public shareholding norms. UCO Bank set ₹36.07 per share as floor price; Punjab & Sind Bank set ₹40.38 per share. Central Bank set a floor price of ₹42.62, with discount not over 5%. Floor price is at 5% discount to UCO Bank's closing price on the NSE on Monday.
Banks set a floor price on QIPs. Reports had suggested the government had approved a fundraising worth ₹10,000 crore in offer for sale for five PSU banks to maintain minimum public shareholding norms. UCO Bank set ₹36.07 per share as floor price; Punjab & Sind Bank set ₹40.38 per share. Central Bank set a floor price of ₹42.62, with discount not over 5%. Floor price is at 5% discount to UCO Bank's closing price on the NSE on Monday.
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