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Punjab & Sind Bank Plans to raise Rs 2000 crore capital


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The Board of Punjab & Sind Bank (PSB), which is a public sector bank, has given the green light to raise capital. This capital, amounting to ₹2,000 crore, is aimed at supporting the bank’s growth in business.

Capital Raising Process

PSB plans to carry out the capital raising in multiple stages over the course of 12 months starting from Wednesday. The specifics of how this capital will be raised are yet to be finalized.

Modes of Capital Raising

PSB might issue equity shares through different methods like Public Issue, Rights Issue, Qualified Institutional Placement(s), or Preferential Issue. Additionally, it could consider issuing Bonds, including Basel III-compliant Additional Tier I Bonds or Basel III-compliant Tier II Bonds.

Current Branches and ATMs

As of now, PSB operates 1,561 branches and 937 ATMs across various locations.

Financial Performance

In the third quarter ending on December 31, 2023, PSB witnessed a decline in standalone net profit by 69.4 percent, amounting to ₹114.31 crore compared to ₹373.24 crore previously. However, its total income grew by 27.1 percent year-on-year to ₹2,852.71 crore during the same period. Operating profit also saw a decrease by 19.5 percent, totaling ₹277 crore compared to ₹344 crore.

Business Growth

During the October-December 2023 quarter, PSB achieved a business mix surpassing ₹2-lakh crore, with total business reaching ₹2,01,914 crore as of December 31, 2023.

Stock Market Performance

On Thursday, PSB’s shares closed at ₹64.5, marking a 3.12 percent increase from the previous day’s closing price on the Bombay Stock Exchange (BSE).

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