Lawstreet Journal

Punjab & Sind Bank to Raise up to Rs. 5,500 Crores via Preferential Issue

Lawstreet Journal 24 Nov 2020 9:30pm

Image courtesy: Lawstreet Journal Business Punjab & Sind Bank to Raise up to Rs. 5,500 Crores via Preferential Issue

State owned Punjab & Sind Bank on Saturday (21th November, 2020) said that its board has approved a proposal to raise up to Rs 5,500 crores by issuing shares on a preferential basis. 

The approval from government is in line to infuse an amount of Rs 5,500 crores in the bank towards contribution of the Centre in the preferential allotment of equity shares during Financial Year 2020-21. 

Bank in a regulatory filing said, “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 fundraising will help bank to meet its regulatory and growth capital. 

Shares of Punjab & Sind Ban rose 1.25% to Rs 11.38 a unit on the BSE. Even the benchmark Sensex ended for 0.65% higher at 43,882.25 points. 

Continue Reading...

Tagged: Punjab & Sind Bank  
Disclaimer: SoOLEGAL in Media collaboration with Lawstreet Journal. SoOLEGAL take no responsbility for the content provided by Lawstreet Journal. For any discrepancies Contact Lawstreet Journal.
Did you find this write up useful? YES 0 NO 0
×

C2RMTo Know More

Something Awesome Is In The Work

0

DAYS

0

HOURS

0

MINUTES

0

SECONDS

Sign-up and we will notify you of our launch.
We’ll also give some discount for your effort :)

* We won’t use your email for spam, just to notify you of our launch.
×

SAARTHTo Know More

Launching Soon : SAARTH, your complete client, case, practise & document management SAAS application with direct client chat feature.

If you want to know more give us a Call at :+91 98109 29455 or Mail info@soolegal.com