Punjab and Sind Bank's Stock Surges on Capital Fundraising Plan

Punjab and Sind Bank shares witnessed a 3 % increase in early trade on June 8 due to the bank’s plan to raise capital through bonds. The bank’s board will convene on June 12 to discuss raising capital by issuing Basel-III-compliant additional Tier-I or Tier-II bonds.

The bank aims to raise up to Rs.750 crore through the issuance of these bonds in one or multiple tranches within a period of 12 months from the date of approval. The announcement was made by the bank to the Bombay Stock Exchange (BSE) on June 7.

At the time of writing, the stock was trading 2.032 % higher at Rs 32.90 on the National Stock Exchange (NSE). According to Money Control’s analysis and data, Punjab and Sind Bank’s stock has shown a return of 4.42 % over the past six months, outperforming the Nifty Bank index, which has recorded a return of 1.91 % during the same period.

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