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Punjab & Sind Bank jumped 7.25% to Rs 47.81 after the company said that its board approved the issue of qualified institutional placement (QIP) of equity shares with the floor price of Rs 40.38 per equity share.
The board of directors of the bank authorized and declared the opening of the issue on Monday, 24 March 2025.The floor price of Rs 40.38 is at a discount of 9.42% to the scrips previous closing price of Rs 44.58 on the BSE.
The bank may offer a discount of not more than 5% on the floor price so calculated for the issue. The issue price will be determined by the bank in consultation with the book-running lead manager appointed for the issue.
Punjab and Sind Bank is a leading public sector bank and a major bank in northern India. The bank provides customer service through innovative products and services for different customer segments.
The bank's standalone net profit surged 146.7% to Rs 281.96 crore in Q3 FY25 as compared with Rs 114.31 crore in Q3 FY24. Total income jumped 14.6% YoY to Rs 3,269.37 crore in Q3 FY25.
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