Punjab & Sind Bank board approves Rs 750 crore fund raising via bonds

Punjab & Sind Bank stocks in focus today as the bank announced the fund-raising plan via bonds.

According to the statement to the exchanges, the Board has approved raising or capital up to an amount of Rs.750 crore through issuance of Basel-Ill compliant Additional Tier-I Bonds or Tier-II Bonds in one or more tranches within a period of 12 months, the company said.

On Monday, the Board meeting commenced at 1:15 pm and concluded at 7:45 pm.

Punjab & Sind Bank posted double-digit growth of 32.03% YoY in net profit to Rs 456.99 crore in Q4FY23.

Source: Media reports