Punjab & Sind Bank to consider raising equity capital next week

Punjab & Sind Bank announced that its board is planning to raise equity capital next week via QIP and preferential issue.

In a regulatory filing made before the long weekend, the bank informed that a board meeting has been scheduled on April 15, 2020 in which the bank would consider and approve raising of equity capital through qualified institutional placement (QIP) up to an amount of Rs 750 crore, in one or more tranches, within a period of 12 months.

Adding to this, the bank stated that the board would also consider raising capital by way of preferential issue, for the same amount (Rs 750 crore), in one or more tranches.

Headquartered in New Delhi, Punjab & Sind Bank is a government-owned bank, which has around 1,559 branches spread across the country, with almost 623 branches in the state of Punjab.

On Friday, the stock market was closed in observance of Good Friday. At the time of market closing on Thursday, the stock of Punjab & Sind Bank was trading at Rs 12.22, up by 7.67 per cent against its previous close of Rs 11.35. Its 52-week high is Rs 31.50 while, its 52-week low is Rs 9.20 on BSE.