In Q3, Punjab and Sind Bank intends to raise ₹250 crore through QIP.

In Q3, Punjab and Sind Bank intend to raise ₹250 crore through QIP.

In order to raise ₹250 crore, Punjab & Sind Bank intends to use qualified institutional placement (QIP). In the third quarter, the state-owned bank would sell shares to institutional investors.

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According to MD Swarup Kumar Saha, this will contribute to achieving the twin goals of capital raising and diluting the government’s stake in the bank. The government owns 98.25% of the bank.

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