Govt infuses Rs 5,500 cr equity capital into Punjab & Sind Bank

The federal government has infused Rs 5,500 crore fairness capital into Punjab & Sind Financial institution in lieu of allotment of over 335 crore choice shares to it.

The lender on Thursday allotted three,35,16,14,868 fairness shares of the financial institution at a difficulty value of Rs 16.41 per fairness share to the federal government aggregating to Rs 5,500 crore.

The shareholders accepted the allotment of shares to the federal government with requisite majority of 99.018 per cent, forged in favour of the decision, the financial institution stated in a regulatory submitting on Friday.

With the allotment, Authorities of India holding has elevated from 83.06 per cent to 97.07 per cent, it stated.

Punjab & Sind Financial institution inventory was buying and selling at Rs 16.10 on BSE, down 1.83 per cent from the earlier closes.(Solely the headline and movie of this report could have been reworked by the Enterprise Customary workers; the remainder of the content material is auto-generated from a syndicated feed.)

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