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

Punjab & Sind Bank (PSB). Photo by DH.

State-owned Punjab and Sind Bank (PSB) seeks to raise up to Rs 500 crore through a 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 Delhi...to 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 percent from the previous close, on the BSE.

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