Monday, 13 December 2010

Punjab and Sind Bank Issues IPO

Punjab and Sind Bank (PSB), a PSU bank wholly owned by government of India issues IPO (initial Public Offering) of 4 crore equity shares (with a face value of Rs. 10 per share) from 13th December, 2010 to 16th December, 2010 with a price band of Rs. 113 to 120 per share. The issue will close on 15th December, 2010 for Qualified Institutional Investors (QIB) and on 16th December, 2010 for other investors. Retail investors and employees will get 5% discount to issue price. You can apply for a minimum of 50 shares. The details are given below

Issue price / Bid price                (Rs)113-120
Minimum investment amount (Rs)5,650.00
Minimum bid (no of shares)      50 shares and in multiples of 50 thereafter
Maximum Shares for Retail      1750-1650
Issue opens on                             13-Dec-10

Issue closes (for QIB investors)             16-Dec-10
Issue closes (for other investors)           16-Dec-10
Issue size (Rs crores) 452-480
Mkt cap at issue price (Rs crores) 2520.53-2676.67



The IPO priced attractive and may attract investors. You can apply with the new ASBA (Application Supported by Blocked amount) process also.  Under ASBA process, the bid amount is blocked in your account at the time of bidding.  If and when an allotment is made against your application to the extent of money due on the shares allotted, your account will be debited and the money will be remitted to the company.

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