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%.