Punjab & Sind Bank Shareholders Approve ₹3,000 Crore QIP and New Government Nominee Director

New Delhi: Shareholders of Punjab & Sind Bank (PSB) have given their resounding approval for two critical proposals during an Extraordinary General Meeting (EGM) held today via video conference. The meeting, which lasted 45 minutes from 11:00 AM to 11:45 AM, saw significant participation with 38 shareholders in attendance.

Key Approvals Granted:

1. Capital Raise via Qualified Institutions Placement (QIP):
Shareholders overwhelmingly passed a Special Resolution to authorize the bank to raise equity capital of up to ₹3,000 Crore through a Qualified Institutions Placement (QIP).

Voting Outcome: The resolution received near-unanimous support, with 99.9995% of the total votes cast in favor. Only 0.0005% of votes were against the proposal.
Strategic Rationale: The capital infusion is aimed at strengthening the bank's capital adequacy ratios, supporting future business growth, and enhancing its financial resilience in a competitive market.

2. Appointment of Government Nominee Director:
An Ordinary Resolution for the appointment of Shri Jitendra Asati as the Government of India Nominee Director on the bank's Board was also approved.

Voting Outcome: This appointment was approved with a commanding majority of 99.8417% of votes in favor.

Meeting Conduct and Voting Process:
The EGM was presided over by Shri Swarup Kumar Saha, MD & CEO of the bank. In line with SEBI regulations, the bank provided a remote e-voting facility from January 17-20, 2026, through Central Depository Services (India) Limited (CDSL). An additional e-voting window was also available during the meeting for shareholders who had not voted remotely.
The entire voting process was scrutinized by M/s S N Ananthasubramanian & Co., Company Secretaries, who submitted a detailed report confirming the results.

Management's Comments:
During the meeting, the Chairman explained the rationale for the capital raise, emphasizing its importance for the bank's growth trajectory and compliance with regulatory capital requirements. The Board and management also responded to observations and queries raised by 14 participating shareholders.

Next Steps:
With the shareholder mandate secured, Punjab & Sind Bank's Board is now authorized to proceed with the ₹3,000 Crore QIP at an appropriate time, deciding on the specific terms, timing, and pricing based on market conditions. The appointment of Shri Jitendra Asati as Director is also formally ratified.

Conclusion:
The successful EGM underscores strong shareholder confidence in Punjab & Sind Bank's management and strategic direction. The approved capital raise is a significant step towards fortifying the bank's balance sheet, enabling it to pursue growth opportunities and improve its market standing.