New Delhi, Dec 13: State-owned Punjab and Sind Bank (PSB) is expected to tap the primary capital market in May 2001 for raising Rs 100 crore and dilute government stake by 20 per cent."We have already got the green signal from the Securities and Exchange Board of India (Sebi) to come out with a Rs 100 crore IPO (initial public offering)," PSB executive director MS Kapur told PTI.He said the bank will make a formal application to Sebi in the next fiscal after the balance sheet of the current financial year is prepared.Mr Kapur, acting chief managing director of the bank said that with the proposed issue, government stake in the bank would come down by 20 per cent.
The bank had earlier decided to come up with the IPO in the current fiscal, but delayed its plans on account of the dismal market conditions.
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