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 2020.
Edelweiss successfully closed the 2nd transaction for PNB in the last 6 months (QIP in Dec’20 followed by QIP in May’21) being the #1 procurer in both the transactions. In a 7-bank syndicate, Edelweiss Financial Services procured the highest share with c.36% by number of investors & c.46% by allocation amount and was the highest procurer of Foreign Institutional Investors (FIIs) & Domestic Institutional Investors (DIIs) bids by allocation amount. The deal witnessed participation from a diverse set of investors with FIIs dominating the book. The proceeds from the issue will be utilized to augment the Bank’s Tier 1 Capital to meet the Basel III norms & to support.
growth plans of the Bank.