Punjab & Sind Bank (BSE:533295) planned to raise INR 20.00 billion in the second half of this fiscal via Qualified Institutional Placement (QIP) to fund business growth. ?The board has already given approval, and merchant bankers should be on-boarded by August,? Punjab & Sind Bank Managing Director and Chief Executive Officer Swarup Kumar Saha told PTI.

The fundraising can be concluded in the second quarter or third quarter, depending on market conditions. The QIP would help improve the Capital Adequacy Ratio of the bank, he said. The bank's capital adequacy ratio stood at 17.10% at the end of March 2024.

Besides, it would help bring down the government's holding in the bank. The government of India holds a 98.25% stake in Punjab & Sind Bank.