State-owned Punjab & Sind Bank on Saturday said its board has approved a proposal to raise up to ₹5,500 crore by issuing shares on a preferential basis.

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The board approval is in line with the government sanction to infuse ₹5,500 crore in the bank towards contribution of the Centre in the preferential allotment of equity shares during FY2020-21.

The board has cleared agenda to “offer, issue, create and allot equity shares up to ₹5,500 crore, including share premium, to the Government of India by way of preferential issue of equity shares,” the bank said in a regulatory filing.



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