The decision was taken at the extraordinary general meeting of shareholders, the bank said in a statement after markets hours to the exchanges on Friday.
The money will be raised in one or more tranches, it said in a regulatory filing. Among others, the bank said it would issue up to 5cr shares to its employees under the Employee Share Purchase Scheme (ESPS).
Such shares under ESPS will be created and allotted in one or more tranches, the bank added.
Punjab & Sind Bank ended at Rs30.05 down by Rs0.2 or 0.66% from its previous closing of Rs30.25 on the BSE.
The scrip opened at Rs30.70 and touched a high and low of Rs30.70 and Rs30.05 ,respectively. A total of 92,939 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs1,703.21cr.