Industry

Punjab & Sind Bank to raise up to ₹5,500 cr.

State-owned Punjab & Sind Bank on Saturday said its board has approved a proposal to raise up to ₹5,500 crore by issuing shares on a preferential basis.

The board approval is in line with the government sanction to infuse ₹5,500 crore in the bank towards contribution of the Centre in the preferential allotment of equity shares during FY2020-21.

The board has cleared agenda to “offer, issue, create and allot equity shares up to ₹5,500 crore, including share premium, to the Government of India by way of preferential issue of equity shares,” the bank said in a regulatory filing.

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Printable version | Nov 24, 2020 1:07:48 AM | https://www.thehindu.com/business/Industry/punjab-sind-bank-to-raise-up-to-5500-cr/article33151152.ece

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