Punjab & Sind Financial institution will get Board nod to lift Rs 4,600 crore by issuing shares to govt

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The board of administrators has authorized to supply, subject, create and allot fairness shares as much as Rs 4,600 crore to the federal government by the use of preferential subject of fairness shares, the financial institution stated.

State-owned Punjab & Sind Financial institution (PSB) on Thursday stated its board has given approval to lift fairness capital value Rs 4,600 crore by issuing desire shares to the federal government. The choice was taken on the board assembly held on February 17, 2022, the financial institution stated in a regulatory submitting.

The board of administrators has authorized to supply, subject, create and allot fairness shares as much as Rs 4,600 crore to the federal government by the use of preferential subject of fairness shares, the financial institution stated.

The Delhi-headquartered lender had posted a document internet revenue of Rs 301 crore within the quarter ended December 2021. There was a internet lack of Rs 2,376 crore in the identical quarter a 12 months in the past. Shares of Punjab & Sind Financial institution have been buying and selling at Rs 16.70 apiece on BSE, up by 1.83 per cent from the earlier shut.

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