Goldman Sachs buys 14 lakh shares of Punjab & Sind Bank

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Goldman Sachs buys 14 lakh shares of Punjab & Sind Bank

Public sector undertaking Punjab & Sind Bank saw good opening on Thursday but as the day proceed, the stock lost some shine. It closed at Rs 126.40 on National Stock Exchange.

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Punjab & Sind BSE | NSE 23/05/12 Are Mutual Funds betting on Punjab & Sind?

Public sector undertaking Punjab & Sind Bank saw good opening on Thursday but as the day proceed, the stock lost some shine. It closed at Rs 126.40 on National Stock Exchange, with a 5.33% premium over issue price of Rs 120 a share, after hitting an intraday high of Rs 146.70 and low of Rs 126.20.

Goldman Sachs Funds (Goldman Sachs Brics Portfolio) bought 14,36,465 equity shares of Punjab & Sind Bank at Rs 132.15 and Hamon Asset Mgmt Ltd A/c Hamon Asian Market Leaders Fund purchased 12 lakh shares at Rs 128.39 on Thursday. The stock witnessed 12 bulk deals.

In a press conference, PK Anand, Executive Director of bank said overall capital to risk asset ratio (CRAR) ratio would be above 14%. The bank could think of FPO or rights issue, he said. Anand is confident of maintaining net interest margin (NIM) above 3%. Recently bank raised BPLR by 50 bps."

The bank raised Rs 470.82 crore through IPO of 4 crore equity shares. Issue proceeds will be used for augmenting capital base to meet the future capital requirements arising out of the growth in assets due to the growth of the Indian economy.