Punjab & Sind Bank eyes QIP option to raise funds, cut govt stake: MD Saha
Public sector lender Punjab & Sind Bank is exploring raising funds through various means, including the QIP route to dilute the government's stake to meet Sebi's minimum public shareholding (MPS) norms.
As per the Securities and Exchange Board of India (Sebi), all listed companies must maintain an MPS of 25 per cent.
"We have got board approval for fundraise through qualified institutional placement (QIP) and others means as part of effort to bring down the government holding in a phased manner," Punjab & Sind Bank MD and CEO Swarup Kumar Saha told PTI in an interview.
Besides, he said, the bank has on boarded merchant bankers and legal advisors for the same.
The proposed fundraise may happen this financial year depending on market conditions, he added.
Currently, the government holds a 93.85 per cent stake in Delhi-headquartered Punjab & Sind Bank.
This is the highest stake of the Government of India in any public sector bank.
Three other banks have a minimum public ...
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