Punjab & Sindh has raised Rs 100 crore by issuing equity shares to the Government of India on preferential basis. The board of directors of the bank has allotted 21.26 million equity shares of the face value of Rs 10 each at issue price of Rs 47.03 per share to the Government of India on preferential basis.
Following the infusion, the Government holding in the bank increased to 81.42% against the existing 79.86%. With the issuance of about 21.26 million preference shares, the total number of shares with Government will go up to about 224.13 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.
