Punjab & Sind Bank is going to raise up to Rs 1500 crore through equity and preferential issue of shares. The decision was taken at the board meeting held on April 15, 2020.
The board of directors in its meeting resolved and approved to raise equity capital through qualified institutional placement (QIP) up an amount of Rs 750 crore in one or more tranches within a period of 12 months. The board also approved raising equity capital by way of preferential issue up to an amount of Rs 750 crore in one or more tranches.
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.
