Edelweiss Financial Services acted as BRLM for the QIP of Punjab National Bank (PNB)

Punjab National Bank is the second largest public sector bank (PSB) in India, both in terms of business and its network. The bank has over 180 million customers, 10,910 branches and 13,000+ ATMs post merger with United Bank of India and Oriental Bank of Commerce, effective from 1 April 2020Edelweiss Financial Services has successfully closed INR 37,880 million (~US$ 500 mn) Qualified Institution Placement (QIP) for PNB. This is the largest PSU QIP launched in CY ’20. The proceeds from the issue will be utilized to augment the Bank’s Tier 1 Capital to meet the Basel III and to support growth plans and to enhance the business of the bank.