Punjab & Sind Bank rose 1.28% to Rs 63.35 after the bank announced that its board has approved fundraising of upto Rs 2,000 crore in one or more tranches.
In a regulatory filing, the bank said that its board has given green light to raise capital up to an amount and aggregating to Rs 2,000 crore in any combinations thereof and in one or more tranches within a period of 12 months from the date of approval.
The public lender will raise funds via equity shares through public issue (follow on public offer), right issue, qualified institutional placements, preferential issues or any other mode or or combinations thereof.
Further, the bank will raise the amount through bonds in the form of basel III compliant additional tier I bonds / basel III compliant tier II bonds.
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 has total 1,561 branches and 937 ATMs
The banks standlone net profit fell by 69.4% to Rs 114.31 crore in Q3 FY24 as compared to Rs 373.24 crore recorded in Q3 FY23. Total income grew by 27.1% YoY Rs 2,852.71 crore in the quarter ended 31 December 2023.
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