Punjab & Sind Bank board approves raising Rs 500 cr via QIP

Punjab & Sind Bank on Tuesday (5 May) said its board approved raising equity capital of up to Rs 500 crore through qualified institutional placement (QIP) route in one or more tranches within the next 12 months.

The bank said it will seek the approval of the shareholders for the proposed QIP issue by passing a special resolution in extra ordinary general meeting or by way of postal ballot.

On a standalone basis, Punjab & Sind Bank reported a net loss of Rs 255.49 crore in Q3 December 2019 as compared to a net profit of Rs 22.34 crore in Q3 December 2018. Total income declined 11.13% to Rs 2,077.01 crore in Q3 December 2019 over Q3 December 2018.

Punjab & Sind Bank's business segments include treasury operations, corporate/wholesale banking, retail banking and other banking operations. The bank offers international banking and domestic banking services. Its international banking services include non-resident indian (NRI) services, export/import services, foreign exchange (forex) treasury and gold card schemes, among others.

Shares of Punjab & Sind Bank slipped 1.71% to Rs 14.35 on BSE. The scrip hovered in the range of Rs 14.20 to Rs 14.85 so far.

On the technical front, the stock's RSI (relative strength index) stood at 49.84. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading between its 50-day moving average (DMA) placed at Rs 13.76 and its 200-day moving average (DMA) placed at Rs 18.75.

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