Government infuses Rs 5,500 crore equity capital into Punjab & Sind Bank

The government has infused Rs 5,500 crore equity capital into Punjab & Sind Bank in lieu of allotment of over 335 crore preference shares to it.

The lender on Thursday allotted 3,35,16,14,868 equity shares of the bank at an issue price of Rs 16.41 per equity share to the government aggregating to Rs 5,500 crore.

The shareholders approved the allotment of shares to the government with requisite majority of 99.018 per cent, cast in favour of the resolution, the bank said in a regulatory filing on Friday.

With the allotment, Government of India holding has increased from 83.06 per cent to 97.07 per cent, it said.

Punjab & Sind Bank stock was trading at Rs 16.10 on BSE, down 1.83 per cent from the previous closes.

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