Punjab & Sind Bank is planning to issue Equity Shares by way of QIP up to an amount of Rs 500 crore for which permission has already been obtained from the Board of Directors and Special Resolution passed by the shareholders in EGM dated March 19, 2018 and to issue Basel III compliant Tier II Bonds up to an amount of Rs 1500 crore in one or more tranches. The meeting of Board of Directors of the Bank is scheduled to be held on December 12, 2018, to consider and approve the same.
Punjab & Sind Bank’s primary business is taking deposits, and making advances and investments, and is principally divided into retail banking, corporate banking, priority sector banking, treasury operations and other banking services such as agency functions for insurance, distribution of mutual funds and pension and tax collection services.
