Punjab & Sind Bank Board recommends preferential issue of equity shares to LIC

The Board of Directors of the Bank has recommended preferential issue of equity shares to the Life Insurance Corporation of India [LIC] up to the extent of 5% of the proposed total paid up equity share capital of the Bank. The Bank proposes to issue 1,12,91,000 equity shares at a rate to be decided in terms of SEBI ICDR Regulations, subject to approval from the Government of India and regulatory compliances.

The Punjab & Sind Bank stock was trading at Rs.85.75, up by Rs.3.40 or 4.13%. The stock hit an intraday high of Rs.87.40 and low of Rs.81.05.

The total traded quantity was 2.87 lakhs compared to 2 week average of 1.10 lakhs.

Source : Equity Bulls

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