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Punjab & Sindh Bank looks to raise Rs.500 crore via QIP route
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New Delhi, Dec. 3 -- Public sector lender Punjab & Sindh Bank is looking to raise up to Rs.500 crore through a qualified institutional placement (QIP) offering.
"A meeting of Board of Directors of Punjab & Sind Bank is scheduled to be held on December 06, inter alia, to revalidate the approval for a further period of twelve months to issue of Equity Shares by way of QIP upto an amount of Rs. 500 crore," the company said in a BSE filing.
The shares of the bank closed 1.5% higher at Rs.20 on Tuesday.
QIP is a tool used by listed companies to sell shares, debentures, or any securities, other than warrants that are convertible into stocks, to a qualified institutional buyer such as mutual funds and foreign institutions.
Punjab & Sind Bank...
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