Punjab & Sind Bank is planning to raise funds up to Rs 500 crore by issuing fresh equity shares through qualified institutional placement (QIP). The money will be raised in one or more tranches. The decision was taken at the extraordinary general meeting of shareholders. The bank would also issue up to 5 crore shares to its employees under the Employee Share Purchase Scheme (ESPS).
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.
