Punjab & Sind Bank has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on January 21, 2026
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Punjab & Sind Bank, a Government of India undertaking, has called an Extraordinary General Meeting (EGM) on January 21, 2026 at 11:00 AM through video conferencing. The sole item on the agenda is seeking shareholder approval to create, issue, and allot fresh equity shares of face value Rs. 10 each, aggregating up to Rs. 3,000 crore (including premium), through a Qualified Institutional Placement (QIP). The proceeds are intended to support business growth, comply with Basel III capital norms, and meet minimum public shareholding requirements. Shares will be allotted only to Qualified Institutional Buyers at a price not more than 5% below the floor price determined per SEBI ICDR regulations, and the allotment must be completed within 12 months. The cut-off date for the EGM is January 14, 2026, and remote e-voting will be open from January 17 to January 20, 2026.
Existing shareholders may face equity dilution since new shares will be issued to institutional buyers; however, the capital infusion strengthens the bank's balance sheet for Basel III compliance and future lending growth. Since this is a Government of India bank, the QIP will also require approval from the government and RBI, and the final pricing will depend on prevailing market conditions.