State-owned Punjab and Sind Bank (PSB) seeks to raise up to Rs 500 crore through qualified institutional placement (QIP) route.
The bank's board will meet on December 6 to consider and approve the fundraising, according to a BSE filing on Tuesday.
"A meeting of Board of Directors of Punjab & Sind Bank is scheduled for December 6, 2019 at New Delhi...to revalidate the approval for a further period of 12 months to issue of equity shares by way of QIP up to an amount of Rs 500 crore," the filing said.
The bank's stock was trading at Rs 20.15, up 0.50 per cent from the previous close, on the BSE.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
