Punjab and Sind Bank Greenlights Rs750 Crore Bond Fundraising, Stock Surges by 1.31%

13 Jun 2023 , 01:14 PM

Punjab and Sind Bank’s share price experienced a gain of Rs0.42 or 1.31% in early trade following the bank’s approval of raising funds worth up to Rs750 crore through bonds. The stock opened the day at Rs32.01, slightly higher than the previous close of Rs31.97, and reached a high of Rs32.66.

At the time of writing, the Punjab and Sind Bank share price stood at Rs32.04, a 0.22% surge.

The bank disclosed in a filing that its board, in a meeting held on June 12, 2023, approved the capital raising of up to Rs750 crore through the issuance of Basel-III compliant Additional Tier-I Bonds or Tier-II Bonds within a span of 12 months.

This move by Punjab and Sind Bank to raise funds through bonds signals its efforts to strengthen its capital base and support future growth initiatives. The positive market response reflected in the share price gain demonstrates investor confidence in the bank’s strategic decisions.

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