Punjab & Sind Bank rallies on Rs 1,000-cr pref issue plans

The board approved fund raising plans up to Rs 1,000 crore through preferential issue to the government of India and/or to other institutions.

Punjab and Sind Bank has rallied 5% to Rs 75.50 on the Bombay Stock Exchange after the board of the state-owned bank approved fund raising plans up to Rs 1,000 crore through preferential issue to the government of India and/or to other institutions.

“The board of directors of the bank has approved raising of capital through preferential issue of equity shares up to Rs 1,000 crore at a rate to be decided in terms of SEBI regulations and/or any other instrument covered under Tier-I capital, to the Government of India and/or to other institutions subject to necessary approvals from Reserve Bank of India and Government of India,” Punjab and Sind Bank said in a statement.

The stock opened at Rs 72.50 and has seen a combined 312,420 shares changing hands on the counter till early noon deals on both the exchanges.