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...