Indian state-run Punjab National Bank has launched a share sale to qualified institutions to raise at least 30 billion rupees ($466.2 million) with an up-size option for another 20 billion rupees, according a source and a deal term sheet. Punjab National Bank, the second-biggest state-run lender in the country, is looking to sell the shares at an indicative price of 168 rupees each, according to the source and the term sheet.
The stock closed at 172.95 rupees on Monday. The total fund-raising of 50 billion rupees, including the up-size option, is aimed at boosting the bank's capital ratio.
India's state-run banks are raising funds as part of a recapitalization plan in which New Delhi will inject 1.35 trillion rupees through recapitalization bonds, while the lenders are required to raise on their own about 580 billion rupees.
Bank of America Merrill Lynch, Credit Suisse, Goldman Sachs, HSBC, Kotak Mahindra Capital, Morgan Stanley and PNB Investment Services are the banks managing the sale.
($1 = 64.49 Indian rupees)
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