Punjab & Sind Bank to raise up to Rs 5,500 crore via preferential issue | Punjab and Sindh Bank to raise up to Rs 5,500 crore

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new Delhi43 minutes ago

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State-run Punjab and Sindh Bank said on Saturday that its board of directors has approved a proposal to raise up to Rs 5,500 crore by issuing shares on a preferential basis.

The bank said that the government is going to infuse capital of Rs 5,500 crore during 2020-21 against preferential allocation of shares. This approval of the Board of Directors is for this purpose.

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The bank said that this amount will help it to get the regulatory requirements and capital needed for growth.

The government’s stake in the bank was 83.06 per cent as on September 30, 2020.

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