Punjab & Sindh has raised Rs 140 crore by issuing equity shares to the Government of India on preferential basis. The board of directors of the bank has allotted 19.81 million equity shares of the face value of Rs 10 each at issue price of Rs 70.66 per share to the Government of India on preferential basis.
Following the infusion, the Government holding in the bank increased to 79.86% against the existing 78.16%. With the issuance of about 19.8 million preference shares, the total number of shares with Government will go up to about 202.8 million. 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.
