Latest News | Punjab & Sind Bank to Raise Up to Rs 5,500 Cr Via Pref Issue
Get latest articles and stories on Latest News at LatestLY. State-owned Punjab & Sind Bank on Saturday said its board has approved a proposal to raise up to Rs 5,500 crore by issuing shares on a preferential basis.
New Delhi, Nov 21 (PTI) State-owned Punjab & Sind Bank on Saturday said its board has approved a proposal to raise up to Rs 5,500 crore by issuing shares on a preferential basis.
The board approval is in line with the government sanction to infuse an amount of Rs 5,500 crore in the bank towards contribution of the Centre in the preferential allotment of equity shares during FY2020-21.
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The board has cleared agenda to "offer, issue, create and allot equity shares up to Rs 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.
The fund raising will help bank meet its regulatory and growth capital.
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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)