The board of directors of Punjab & Sind Bank passed an enabling resolution for the bank to raise up to Rs 1,000 crore capital through preferential allotment route.
According to media reports, the bank may issue the preferential equity shares to the government during the current quarter.
PK Anand, Executive Director of the bank said the capital raising would help bolster Tier-I capital of the bank.
The government may provide during this quarter capital support of Rs 15,000 crore to various banks including some weak banks whose Tier-I capital is below 8 per cent.
Leave a Reply
You must be logged in to post a comment.