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Tuesday, September 23, 2014

Punjab and Sind Bank to allot 9.46 crore shares on pref basis

The shareholders of Punjab and Sind Bank have approved a special resolution for allotting over 9.46 crore shares on a preferential basis to the Government of India at Rs59.14 a share. This was done at an extraordinary general meeting (EGM) held in the Capital on Friday, the bank said in a filing to the stock exchanges.

The allotment would be done by converting
Rs200 crore worth of perpetual non-cumulative preference shares, Rs200 crore worth of perpetual cumulative preference shares and Rs160 crore worth of innovative perpetual debt instruments held by the Government.

The EGM also voted on allotting over 6.76 crore shares to LIC and GIC (along with its subsidiaries) at the same price on preferential basis.

After the preferential allotment, LIC’s stake in the bank would go up to 9.6 per cent from 4.2 per cent now, while that of GIC and its subsidiaries to 8.54 per cent from 0.06 now. The Government’s stake would come down from 81.41 per cent to 72.85 per cent.

Source : The Hindu


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