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K.R. Srivats

New Delhi June 26 Ahead of a planned initial public offering (IPO), state-owned Punjab and Sind Bank (PSB) wants to restructure its capital by converting a part of its existing paid-up capital into perpetual preference shares.

"Our request for capital restructuring is under active consideration with the Finance Ministry. We are ripe to go in for an IPO. But I am not in a great hurry to raise capital. I have enough capital," Mr R.P. Singh, Chairman and Managing Director, said.

Mr Singh also highlighted that the bank had enough headroom for tier-II capital. Through capital restructuring, it hopes to command better price from investors in the IPO. He, however, declined to put a timeline on when the IPO would hit the market. The bank had a paid-up capital of Rs 743.06 crore as on March 31, 2007. It plans to convert Rs 500 crore of equity into perpetual preference shares.

More Stories on : Public Sector Banks | IPOs

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