Punjab And Sind Bank To Raise Rs 2,000 Crore Via Equity, Bonds

State-owned Punjab and Sind Bank will raise Rs 2,000 crore, following approval from its board on Wednesday.

The board will raise the amount through one or more tranches within 12 months from the date of approval, the exchange filings said.

The lender will raise the amount via equity shares through public issue, right issue, qualified institutional placements, preferential issues or any other mode, according to the filings.

Further, the bank will raise the money through bonds through "Basel III-compliant Additional Tier I Bonds/Basel III-compliant Tier II Bonds."

Shares of Punjab and Sind Bank closed 1.51% lower at Rs 62.55 apiece on Wednesday, compared with a 1.08% fall in the benchmark BSE Sensex.