Punjab & Sind Bank to allocate shares to the government worth Rs 5,500 crore in place of capital infusion

Punjab & Sind Bank to allocate shares to the government worth Rs 5,500 crore in place of capital infusionPunjab & Sind Bank will be assigning preferential shares to the government instead of Rs 5,500 crore capital input into the bank in the upcoming month. A remarkable general meeting of the shareholders of the bank is planned on March 25, 2021, for the issue of preferential equity shares to the government up to Rs 5,500 crore, the bank announced in a regulatory filing.

The EGM, the bank had said, will put up with place through video conferencing and different audiovisual means for approving the resolution for allocating shares to the government. The government had authorized a Rs 20,000 crore fund through Parliament in September as a part of the Supplementary Demands for Grants for 2020-21, for the motive of capital infusion into public sector banks (PSBs). Rs 5,500 crore was authorized to be invested into P&SB of this. Rs 14,500 crore allocated for capital infusion as far as the residual is concerned, the government has to put up with a call in the enduring quarter

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