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Punjab & Sind Bank seeks to mop up Rs 500 cr via QIP

Press Trust of India  |  New Delhi 

State-owned Punjab and Sind Bank (PSB) seeks to raise up to Rs 500 crore through qualified institutional placement (QIP) route.

The bank's board will meet on December 6 to consider and approve the fundraising, according to a BSE filing on Tuesday.

"A meeting of Board of Directors of Punjab & Sind Bank is scheduled for December 6, 2019 at New revalidate the approval for a further period of 12 months to issue of equity shares by way of QIP up to an amount of Rs 500 crore," the filing said.

The bank's stock was trading at Rs 20.15, up 0.50 per cent from the previous close, on the BSE.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 04 2019. 14:15 IST