Punjab & Sind Bank IPO : Plans an IPO in June-July

by khalid on 27/04/2010 · 0 comments

Punjab & Sind Bank founded in the year 1908 started functioning from the Holy City of Amritsar with a humble idea to uplift the poorest of poor. Now Punjab & Sind Bank is a major bank in Northern India. The bank has 900 branches spread throughout the country but around 50% of then are located in Punjab. The management have taken in-principle decision in the board to go for IPO during June-July 2010. The bank aimed at raising around Rs 500 crore for its business expansion.

The Government’s stake in the bank will come down to 82% after this IPO. At present it is 100%.
Punjab & Sind Bank has posted a net profit of Rs 508 crore this fiscal compared to Rs 431 crore, a year ago. The bank targets to grow by at least 30% by utilizing the amount raised by this proposed IPO.

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