New Delhi: Punjab & Sind Bank (PSB) shareholders have approved two major resolutions at an Extraordinary General Meeting (EGM) held today via video conference, signaling strong confidence in the bank’s growth strategy and governance. The meeting, which lasted 45 minutes from 11:00 AM to 11:45 AM, witnessed participation from 38 shareholders.
Capital Raise Through Qualified Institutions Placement (QIP)
The bank secured near-unanimous approval for a capital infusion of up to ₹3,000 crore through a Qualified Institutions Placement (QIP). The Special Resolution received 99.9995% votes in favor, with only 0.0005% votes against.
The capital raise is aimed at:
- Strengthening capital adequacy ratios
- Supporting future business growth
- Enhancing financial resilience in a competitive banking environment
The Board will now determine the timing, pricing, and specific terms of the QIP based on prevailing market conditions.
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Appointment of Government Nominee Director
Shareholders also approved the appointment of Mr. Jitendra Asati as the Government of India Nominee Director on the bank’s Board. The Ordinary Resolution passed with 99.8417% votes in favor. This appointment is expected to further strengthen board oversight and governance standards at PSB.
EGM Conduct and Voting Process
The EGM was presided over by Mr. Swarup Kumar Saha, MD & CEO of the bank. In compliance with SEBI regulations, shareholders were provided with remote e-voting from January 17-20, 2026, via Central Depository Services (India) Limited (CDSL). An additional e-voting window was also available during the meeting.
The entire voting process was scrutinized by M/s S N Ananthasubramanian & Co., Company Secretaries, which confirmed the results in a detailed report.
Management Comments and Next Steps
During the meeting, the bank’s management explained the strategic rationale for the capital raise, emphasizing its importance for the bank’s long-term growth trajectory and regulatory compliance. Queries from 14 participating shareholders were addressed by the Board.
With shareholder approval secured, Punjab & Sind Bank can now proceed with the ₹3,000 crore QIP and formally onboard Mr. Jitendra Asati as Government Nominee Director.
Strong Shareholder Confidence in PSB
The successful approval of both proposals underscores robust shareholder trust in Punjab & Sind Bank’s management and strategic direction. The QIP will significantly fortify the bank’s balance sheet, enabling it to explore growth opportunities and strengthen its market position.
About Punjab & Sind Bank
Founded in 1908, Punjab & Sind Bank is a public sector bank with a wide presence across India. The bank offers a diverse range of retail, corporate, and MSME banking services, and has been actively strengthening its capital base, governance, and technology adoption to support long-term growth and financial stability.
