Punjab & Sind Bank rose 2.07% to Rs 49.20 at 12:25 IST on BSE after the bank said that its board of directors approved raising of equity capital through various routes.
The announcement was made after market hours yesterday, 26 December 2017.Meanwhile, the S&P BSE Sensex was up 72.16 points or 0.21% at 34,082.77.
On the BSE, 5,284 shares were traded in the counter so far as against average daily volume of 27,884 shares in the past one quarter. The stock had hit a high of Rs 49 and a low of Rs 46.20 so far during the day. The stock had hit a 52-week high of Rs 72.30 on 5 May 2017. The stock had hit a 52-week low of Rs 44.45 on 5 October 2017.
The state-run bank has equity capital of Rs 400.41 crore. Face value per share is Rs 10.
The stock has gained 5.24% in five sessions to its ruling price, from a close of Rs 46.75 on 19 December 2017.
Punjab & Sind Bank said that its board of directors approved raising of equity capital through public issue (follow on public offer)/right issue/qualified institutional placement/ preferential issue or any other mode or a combinations thereof in one or more tranches up to 31 March 2019.
Punjab & Sind Bank's net profit fell 77.9% to Rs 13.7 crore on 1.7% drop in total income to Rs 2166.64 crore in Q2 September 2017 over Q2 September 2016.
The Government of India held 79.62% in Punjab & Sind Bank (as per the shareholding pattern as on 30 September 2017).
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