With the allocation, the holding of Government of India has increased from 83.06% to 97.07%.
The government has breached equity capital of ₹ 5,500 crore in Punjab and Sindh Bank and more than 335 crore preference shares have been allocated for it.
On Thursday, the lender allocated 3,35,16,14,868 equity shares of the bank at an issue price of ₹ 16.41 per equity share, aggregating ₹ 5,500 crore to the government.
Shareholders approved the allocation of shares with a majority of 99.018% to the government, putting in favor of the proposal, the bank said in a regulatory filing on Friday.
With the allocation, the holding of Government of India has increased from 83.06% to 97.07%.
Punjab & Sindh Bank’s stock was trading at 16.16 on the BSE, down 1.83% from its previous close.
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