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June 12, 2001 		Feedback  
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Punjab National Bank plans Rs 3.2-billion IPO

State-owned Punjab National Bank plans to raise Rs 3.20 billion ($68 million) from an initial public offering of shares, according to data on the Securities and Exchange Board of India's website, www.sebi.com.

The bank will issue 80 million shares of a face value of Rs 10 each at a premium of Rs 30 per share.

After the IPO, the government's holding in the bank will come down to 27.37 per cent from the current 100 per cent, a banking analyst said.

The bank could not be immediately reached for comment.

Last month, the bank's chairman and managing director, S S Kohli, said the issue was likely in the third or fourth quarter of the current financial year.

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