Punjab & Sind Bank gains on raising Rs 140 crore via preferential issue
The board of the bank has allotted 19.81 million equity shares at issue price of Rs 70.66 per share to the Government of India on preferential basis.
Punjab & Sind Bank is trading higher by 3% to Rs 66.60 after the state-owned bank raised Rs 140 crore by issuing equity shares to the Government of India on preferential basis.
“The board of directors of the bank has allotted 19.81 million equity shares of the face value of Rs 10 each at issue price of Rs 70.66 per share to the Government of India on preferential basis,” Punjab and Sindh Bank said in a statement.
Following the infusion, the Government holding in the bank will go up to 79.86% against the existing 78.16%. With the issuance of about 19.8 million preference shares, the total number of shares with Government will go up to about 202.8 million.
The stock opened at Rs 65.95 and touched high of Rs 67.45 on NSE. A combined around 43,501 shares have changed hands on the counter on NSE and BSE till 0920 hours.
“The board of directors of the bank has allotted 19.81 million equity shares of the face value of Rs 10 each at issue price of Rs 70.66 per share to the Government of India on preferential basis,” Punjab and Sindh Bank said in a statement.
Following the infusion, the Government holding in the bank will go up to 79.86% against the existing 78.16%. With the issuance of about 19.8 million preference shares, the total number of shares with Government will go up to about 202.8 million.
The stock opened at Rs 65.95 and touched high of Rs 67.45 on NSE. A combined around 43,501 shares have changed hands on the counter on NSE and BSE till 0920 hours.