Punjab & Sind, IOB plan Rs 7,000 crore share sale

Kolkata: Indian Overseas Bank (IOB) and Punjab & Sind Bank have announced plans to raise ₹4,000 crore and ₹3,000 crore, respectively, by selling shares publicly to institutional investors this quarter.

IOB managing director Ajay Kumar Srivastava Wednesday said the bank has received all required approvals for the qualified institutional placement (QIP) and is now in the process of appointing merchant bankers for the sale.

Punjab & Sind Bank will hold an extraordinary general meeting on January 21 to consider and approve raising of equity capital up to Rs 3,000 crore through a QIP.