Punjab & Sind Bank's board to consider plan for raising up to Rs 5,500 cr later this week

State-owned Punjab & Sind Bank on Wednesday said the board of bank will meet later this week to consider raising up to Rs 5,500 crore by issuing shares on a preferential basis.

"A meeting of board of directors of Punjab & Sind Bank is scheduled to be held on Saturday, November 21, 2020, for considering to offer, issue, create and allot equity shares up to Rs 5,500 crore (including preferential issue of equity shares)," the bank said in a regulatory filing.

Shares of Punjab & Sind Bank on Wednesday closed 0.88 per cent up at Rs 11.40 apiece on the BSE.