Punjab & Sind Bank has received an approval for raising of capital through preferential issue of equity shares up to Rs 1,000 crore at a rate to be decided in terms of SEBI [ICDR] Regulations and/or any other instrument covered under Tier-I capital, to the Government of India and/or to other institutions subject to necessary approvals from Reserve Bank of India and Government of India. The board at its meeting has approved for the same.
The board has also authorized Chairman & Managing Director to take all decisions/steps relating to planning, convening, conducting extra ordinary general meeting for preferential Issue of equity shares and/or any other instrument covered under Tier-I capital and any other matter relating thereto.
Punjab & Sind Bank, which is a GoI undertaking, is one of the six banks nationalized by the GoI in April 1980, and today, is one of 19 nationalized banks in India. In over 100 years of operation, the Bank has significantly grown its branch network with a presence predominantly in north India.
