Punjab & Sind Bank gets mandate of its shareholders for preferential issue…

Punjab & Sind Bank  gets  mandate of its shareholders for preferential issue of Equity Shares to GOI, Financial Institution(s),  Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC) and subsidiary companies of GIC.  

The Shareholders of Punjab & Sind Bank in  Extraordinary General Meeting (EGM)  held at New Delhi, passed a special resolution, approving the Conversion of Perpetual Non Cumulative Preference Shares (PNCPS) of Rs.200 crore, Perpetual Cumulative Preference Shares (PCPS) of Rs.200 crore and Innovative Perpetual Debt Instruments  (IPDI) of Rs.160 crore held by Govt. of India (GOI), aggregating to Rs.560 crore, into 9,46,90,563 Equity Shares to the President of India (Govt. of India) of face value of Rs.10/- each and  issue & allot up to 6,76,36,116 Equity Shares of face value of Rs.10/- each aggregating up to Rs.400 crore to Financial Institution(s), Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC) and subsidiary companies of GIC on preferential basis at a issue price of Rs.59.14 per Equity Share(including premium of Rs.49.14 per equity share).

Sh.Jatinderbir Singh, IAS, Chairman & Managing Director of the Bank, expressed his  gratitude  to all the shareholders, Government of India, SEBI, RBI, Stock Exchanges,  Employees  and Customers of the Bank.