The initial public offering (IPO) of state-run Punjab & Sind Bank was subscribed 3.65 times at 16:00 IST, the second day of the issue today, 14 December 2010. The IPO got bids for 14.58 crore shares compared with 4 crore shares on offer.

The price band for the IPO is Rs 113-120 per equity share. The issue comprises a net issue to the public of 3.80 crore equity shares and a reservation of 20 lakh shares for subscription by eligible employees. The net issue constitutes 17.04% of the post-issue share capital of the bank.

The issue will close on 15 December 2010 for qualified institutional investors (QIB) and on 16 December 2010 for other investors. A discount of 5% will be offered to retail bidders and employees on the final price discovered through the book-building route.

Punjab & Sind Bank is a Government of India (GoI) undertaking, incorporated in June 1908 in Amritsar. As on 31 October 2010, Punjab & Sind Bank had 926 branches and 63 ATMs across India.

The issue was assigned 'Grade 4' by Credit Analysis & Research (CARE), indicating above average fundamentals.

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