The public sector lender on Tuesday announced that its board will meet on Friday, 30 December 2022 to consider proposal for raising capital upto Rs 250 crore by various modes, including equity and bonds issuance.
The board will consider raising up to Rs 250 crore in any combinations of equity shares through public issue (follow on public offer)/ rights issue/ qualified institutional placements / preferential issue or bonds in the form of basel III compliant additional tier I bonds/ basel III compliant tier II bonds.
The capital will be raised in one or more tranches within a period of 12 months from the date of approval by way of issuance of these instruments, the PSU bank stated.
As on 30 September 2022, the public sector lender's capital adequacy ratio (CRAR) stood at 15.68%. In this tier-I was 12.65% and tier-II was 3.03%.
Punjab & Sind Bank is a relatively small PSB, founded in 1908 in New Delhi. GoI's ownership stood at 98.25% as on 30 September 2022.
The bank's standalone net profit jumped 27.4% to Rs 278.10 crore on 6.2% rise in total income to Rs 2120.17 crore in Q2 FY23 over Q2 FY22.
Shares of Punjab & Sind Bank were down 0.61% to Rs 32.50 on the BSE.
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