Punjab & Sind Bank to raise Rs.1000 crores

The Board of Directors of Punjab & Sind Bank has approved raising of capital through preferential issue of equity shares up to Rs. 1,000 crores at a rate to be decided in terms of SEBI [ICDR] Regulations and/or any other instrument covered under Tier-I capital, to the Government of India and/or to other institutions subject to necessary approvals from Reserve Bank of India and Government of India. The Chairman & Managing Director and in his absence the Executive Director has been authorized to take all decisions/steps relating to planning, convening, conducting extra ordinary general meeting for preferential Issue of equity shares and/or any other instrument covered under Tier-I capital and any other matter relating thereto.

The Punjab & Sind Bank stock was trading at Rs.79.80, down by Rs.0.30 or 0.37%. The stock hit an intraday high of Rs.81.45 and low of Rs.78.

The total traded quantity was 2.39 lakhs compared to 2 week average of 1.62 lakhs.

Source : Equity Bulls

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