Punjab & Sind Bank to raise ₹500 crore

Published - March 16, 2019 09:40 pm IST - new delhi

State-owned Punjab & Sind Bank said it would raise up to ₹500 crore by issuing fresh equity shares through qualified institutional placement.

The money would be raised in one or more tranches, the bank said in a regulatory filing. The bank said it would issue up to 5 crore shares to its employees under the Employee Share Purchase Scheme.

The bank also hiked its marginal cost of funds based lending rate by 0.05% for a six-month tenor and lowered interest on the three-year tenor by 0.05%.

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