Scotia gets 5% stake in Bank of Punjab

The board of directors of Bank of Punjab today approved a proposal to issue 2,42,85,176 equity shares at Rs 38 per share to raise over Rs 92 crore.

According to a release issued by the bank to the BSE today, the board approved a proposal to issue 64,51,330 shares - constituting 4.99% of the total post-issue paid-up share capital of the bank - to The Bank of Nova Scotia, Canada.

"64,51,330 equity shares - constituting 4.99% of the total post-issue paid-up share capital - will be issued to Bharati Enterprises and  ICB Financial Group Holdings Ltd, Switzerland," the release added.

While 38,78,555 shares will be issued to Jyotsna Sharma, 10,52,631 shares will be issued to V. N. Koura, the release said.

"The allotments will be subject to the approval of the shareholders and subject to all the regulatory approvals, as may be required," the release added.

The bank will hold an EGM on March 23, 2005 to clear the placements.