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By Malvika Gurung
Investing.com — In a board meeting held on February 17, 2022, the state-run bank Punjab & Sind Bank (NS:) approved issuing preference shares to the Government, for raising equity capital worth Rs 4,600 crore.
As per a regulatory filing by the public sector lender, the board of directors has approved to issue, offer, allot and create equity shares worth about Rs 4,600 crore to the government, through the issuance of preference shares.
Shares of the bank closed 1.2% higher at Rs 16.7 apiece in a volatile market on Thursday, and have outperformed the headline index , by gaining over 23% in the past year, compared to Nifty rising 10.2% in the period.
Moreover, Punjab & Sind Bank was the only stock listed on the 13-scrip sectoral index that ended in the green on Thursday.
Bank stocks dragged the most in the session, with Nifty PSU Bank performing the worst, among all sectoral indices on the Nifty basket, down 1.2%. slid 1.1%.
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