Punjab & Sind Bank board to consider fundraise of Rs 250 crore on December 30

Mumbai-based Punjab & Sind Bank on Tuesday said its board would meet on December 30 to consider a proposal for raising up to Rs 250 crore by various modes, including equity and bonds issuance.

The bank said it plans to raise capital up to an amount and aggregating to Rs 250 crore in any combinations of equity shares or debt in the form on Basel III compliant bonds.

The capital will be raised in one or more tranches within a period of 12 months from the date of approval by way of issue of these instruments, the lender said.