LIC plans to acquire 5% stake in Punjab & Sind Bank: reports

Reports stated that the additional capital will further strengthen Capital to Risk-weighted Assets Ratio (CRAR) of the bank and support its business growth.

Punjab & Sind Bank (PSB) will issue shares up to 5% of the paid-up capital on preferential basis to Life Insurance Corporation (LIC), according to reports.

Reports stated that the additional capital will further strengthen Capital to Risk-weighted Assets Ratio (CRAR) of the bank and support its business growth.

At the prevailing share price of PSB, LIC will have to pay about Rs. 950mn to the bank, says report.