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PSB
plans Rs 100-crore IPO
Our Banking
Bureau
25 June 2003
New
Delhi: Punjab
and Sind Bank (PSB) plans to hit the capital market with
a Rs 100-crore initial public offer (IPO), says PSB chairman
and managing director N S Gujral.
"The
bank has plans to hit the market with an initial public
offer of Rs 100 crore to strengthen its capital base and
also to fund its business plans," says Gujral, while
issuing a statement on the occasion of the completion
of the 95th year of operation by the bank.
 Gujral
say his bank has registered an operating profit of Rs
264 crore for the financial year ended 31 March 2003,
a rise of 61 per cent over the previous year's net of
Rs 163.70 crore. The bank's total business has crossed
Rs 19,693 crore with deposits of Rs 13,212 crore and advances
of Rs 6,481 crore as on 31 March 2003.
PSB
had recently tied up with Bajaj Allianz General Insurance
to market the company's general insurance products.
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