Punjab & Sind Bank to raise up to Rs 1,500 cr via QIP, preferential shares

State-owned Punjab and Sind Bank on Wednesday said it will raise up to Rs 1500 crore through equity and preferential issue of shares.

The decision was taken at the board meeting held on April 15, 2020, the bank said in a regulatory filing.

The board of directors in its meeting resolved and approved to raise equity capital through qualified institutional placement (QIP) up an amount of Rs 750 crore in one or more tranches within a period of 12 months, the bank said.

The board also approved raising equity capital by way of preferential issue up to an amount of Rs 750 crore in one or more tranches, the bank said.

The stock of bank closed 11.61 per cent up at Rs 13.65 apiece on the BSE.