PSB plans Rs 100-crore IPO

New Delhi: Punjab and Sind Bank (PSB) plans to hit the capital market with a Rs 100-crore initial public offer (IPO), says PSB chairman and managing director N S Gujral.

"The bank has plans to hit the market with an initial public offer of Rs 100 crore to strengthen its capital base and also to fund its business plans," says Gujral, while issuing a statement on the occasion of the completion of the 95^th year of operation by the bank.

Gujral say his bank has registered an operating profit of Rs 264 crore for the financial year ended 31 March 2003, a rise of 61 per cent over the previous year''s net of Rs 163.70 crore. The bank''s total business has crossed Rs 19,693 crore with deposits of Rs 13,212 crore and advances of Rs 6,481 crore as on 31 March 2003. PSB had recently tied up with Bajaj Allianz General Insurance to market the company''s general insurance products.