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Punjab and Sind Bank IPO

Punjab and Sind Bank IPO - Initial public offering of Punjab & Sind Bank subscribed 68% till 4 pm on the first day. It received bids for 27 million shares as against 40 million shares on offer. A total of 2.54 bids were received at cut-off price.

The price band has been set at Rs 113-120 a share. The issue will close on December 15 for qualified institutional investors (QIB) and on December 16 for other investors.

Punjab and Sind Bank IPO

Punjab & Sind Bank is a GoI undertaking, incorporated in June 1908 in Amritsar. PSB was one of the 6 banks nationalized by the GoI in April 1980 and today, they are one of 19 nationalized banks in India. As on October 31, 2010, PSB had 926 branches and 63 ATMs across India. They have sponsored a regional rural bank, Sutlej Gramin Bank, in collaboration with the GoI and the state Government of Punjab. As on September 30, 2010, PSB had a total of 8,047 employees, serving over 6.6 mn customers.

Punjab and Sind Bank IPO
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