Punjab and Sind Bank gains on fund-raising plan

Shares of Punjab and Sind Bank jumped 3 percent in early trade on June 8 on the state-own lender’s plan to raise capital through bonds.

The bank’s board will meet on June 12 to consider the proposal to raise capital through the issuance of Basel-III-compliant additional Tier-I or Tier-II bonds of up to Rs 750 crore in one or more tranches within 12 months from the date of approval the bank told BSE on June 7.

At 12.35 pm, the stock was trading 2.02 percent higher at Rs 32.85 on NSE.

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Stock Performance

Punjab and Sind Bank stock has given a return of 4.42 percent over the last six months, outperforming the Nifty Bank index, which has given a return of 1.91 percent during the same period.

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