With the allotment, Government of India holding has increased from 83.06% to 97.07%.
The government has infused ₹5,500 crore equity capital into Punjab & Sind Bank in lieu of allotment of over 335 crore preference shares to it.
The lender on Thursday allotted 3,35,16,14,868 equity shares of the bank at an issue price of ₹16.41 per equity share to the government aggregating to ₹5,500 crore.
The shareholders approved the allotment of shares to the government with requisite majority of 99.018%, cast in favour of the resolution, the bank said in a regulatory filing on Friday.
With the allotment, Government of India holding has increased from 83.06% to 97.07%, it said.
Punjab & Sind Bank stock was trading at ₹16.10 on BSE, down 1.83% from the previous closes.
