State-owned Punjab National Bank (PNB) on Monday fixed a floor price of Rs 109.16 per share for its share sale through qualified institutional placement (QIP).

Ahead of the launch of QIP, shares of Punjab National Bank surged 2.81 per cent to close at Rs 111.50 per share on BSE. The scrip opened at Rs 108.46 per share, making a high of Rs 111.90 and a low of Rs 108.

State-owned Punjab National Bank (PNB) has set a floor price of Rs 109.16 per share for its qualified institutional placement (QIP). The bank plans to raise up to Rs 7,500 crore through the share sale during 2024-25.

The bank had taken board approval last year for raising up to Rs 7,500 crore via share sale in one or more tranches during 2024-25.

The floor price for the equity shares has been set at ₹109.16, the country's second-largest PSU bank said in a statement on Monday.