Govt infuses Rs 5,500 cr equity capital into Punjab & Sind Bank



The government has infused Rs 5,500 crore into in lieu of allotment of over 335 crore preference shares to it.


The lender on Thursday allotted 3,35,16,14,868 equity shares of the bank at an issue price of Rs 16.41 per equity share to the government aggregating to Rs 5,500 crore.



The shareholders approved the allotment of shares to the government with requisite majority of 99.018 per cent, cast in favour of the resolution, the bank said in a regulatory filing on Friday.


With the allotment, holding has increased from 83.06 per cent to 97.07 per cent, it said.


stock was trading at Rs 16.10 on BSE, down 1.83 per cent from the previous closes.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link

Free Course

"Double Your Traffic in 30 days" + Secret Bonus

valued at $299

This amazing course will teach you, step by step, how to double if not triple your traffic over the next 30 days.

100% Privacy. We will never spam you!