New Delhi: Public sector Punjab and Sind Bank on Tuesday said it has received board approval to raise up to Rs1,000 crore by the end of the next fiscal by various means including follow on public offer, rights issue or qualified institutional placement (QIP).
“The board of directors in its meeting held on December 26, 2017, resolved and approved raising of equity capital aggregating up to ₹ 1,000 crore," the bank said in a regulatory filing. The capital is to be raised through various means including public issue (follow on public offer)/rights issue/qualified institutional placement (QIP)/preferential issue or any other mode or a combination, the bank added further.
The lender said it can raise the money in one or more tranches by the end of next fiscal (31 March 2019). Stock of the bank closed 1.03% down at Rs48.20 apiece on BSE.