New Delhi: State-owned Punjab and Sind Bank plans to raise Rs 2,000 crore through Qualified Institutional Placement (QIP) during the ongoing quarter, Punjab & Sind Bank managing director and CEO Swarup Kumar Saha said.
The bank has already appointed merchant bankers and legal advisers for the proposed QIP, he added.
“With the QIP, the government holding in the bank would come down 3-4 per cent and capital adequacy ratio would rise at the end of March 2025,” he said. The govt of India holds 98.25 per cent stake in the bank at the end of December 2024, he said.