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Tuesday, February 12, 2013

Punjab & Sind Bank to get Rs 140-cr capital infusion

State-owned Punjab & Sind Bank said it will get Rs 140-crore fund infusion through preferential issue of shares to the Government by end of next month.

The bank proposes preferential allotment of 1.98 crore shares to the Government aggregating about Rs 140 crore, Punjab & Sind Bank said in a statement.

The proposed price for preferential issue is Rs 70.66 a share including premium of Rs 60.66 per unit, it said

Following the infusion, the Government holding in the bank will go up to 79.86 per cent against the existing 78.16 per cent. With the issuance of about 1.98 crore preference shares, the total number of shares with Government will go up to about 20.28 crore.

This fund infusion is subject to shareholders approval, which will be sought on March 11 in an extraordinary general meeting.

Source: thehindubusinessline


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