Punjab & Sind Bank gets Board nod to raise Rs 4,600 cr by issuing shares to government

State-owned Punjab & Sind Bank (PSB) on Thursday said its board has given approval to raise equity capital worth Rs 4,600 crore by issuing preference shares to the government.

The decision was taken at the board meeting held on February 17, 2022, the bank said in a regulatory filing.

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The board of directors has approved to offer, issue, create and allot equity shares up to Rs 4,600 crore to the government by way of preferential issue of equity shares, the bank said.

The Delhi-headquartered lender had posted a record net profit of Rs 301 crore in the quarter ended December 2021. There was a net loss of Rs 2,376 crore in the same quarter a year ago.

Shares of Punjab & Sind Bank were trading at Rs 16.70 apiece on BSE, up by 1.83 per cent from the previous close.