Punjab & Sind Bank trades higher on getting approval to raise capital up to Rs 750 crore
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Punjab & Sind Bank is currently trading at Rs. 32.38, up by 0.41 points or 1.28% from its previous closing of Rs. 31.97 on the BSE.
The scrip opened at Rs. 32.01 and has touched a high and low of Rs. 32.66 and Rs. 32.01 respectively. So far 113938 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 44.65 on 15-Dec-2022 and a 52 week low of Rs. 12.50 on 21-Jun-2022.
Last one week high and low of the scrip stood at Rs. 33.65 and Rs. 31.76 respectively. The current market cap of the company is Rs. 21871.92 crore.
The promoters holding in the company stood at 98.25%, while Institutions and Non-Institutions held 0.68% and 1.07% respectively.
Punjab & Sind Bank has received an approval to raise capital up to an amount of Rs 750 crore through issuance of Basel-III compliant Additional Tier-I Bonds or Tier-II Bonds in one or more tranches within a period of 12 months. The Board of the Bank in its meeting held on June 12, 2023, has approved the same.
Punjab & Sind Bank’s primary business is taking deposits, and making advances and investments, and is principally divided into retail banking, corporate banking, priority sector banking, treasury operations and other banking services such as agency functions for insurance, distribution of mutual funds and pension and tax collection services.
