Punjab & Sind Bank to raise Rs 500 cr by issuing fresh equity

State-owned Punjab & Sind Bank Friday said it would raise up to Rs 500 crore by issuing fresh equity shares through qualified institutional placement. The decision was taken at the extraordinary general meeting of shareholders held here.

The money will be raised in one or more tranches, it said in a regulatory filing. Among others, the bank said it would issue up to 5 crore shares to its employees under the Employee Share Purchase Scheme (ESPS). Such shares under ESPS will be created and allotted in one or more tranches, it added.

Stock of Punjab & Sind Bank closed 0.33 per cent down at Rs 30.15 on the BSE.