On Tuesday, the Punjab & Sind Bank scheduled a board meeting on Friday, December 30, 2022, to consider and approve raising up to Rs 250 crore by various modes, including bonds and equity issuance.

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The combinations of equity shares through public issue (follow on public offer)/ rights issue/ QIP/preferential issue or bonds in the form of Basel III compliant additional tier I bonds/Basel III compliant tier II bonds.  More than one tranche of the capital will be raised, and the period of the date of approval by the issuance of these instruments is one year.

In New Delhi, the was founded in 1908, Punjab & Sind Bank is a relatively small PSB, so the stake held by the government is 98.25% in the bank at the end of September.

On a standalone basis, the net profit rose 27.4% to Rs 278.10 crore on a 6.2% rose total income to Rs 2,120.17 crore in July-September of FY23 over July-September of  FY22.

On the Bombay Stock Exchange (BSE), PSB’s shares fall by 0.61% to Rs 32.50.