Public issue of state-owned lender, Punjab & Sind Bank (PSB) is expected to come by the end of June this year or first half of July. This plan was revealed by the Chairman and Managing Director of the bank, G S Vedi.

Talking to the media, Vedi said that the money raised through this issue will be used to fund the growth plans of the bank. As o now, the growth in the business of the bank has been close to 38 per cent during 2009-10 and to keep up the momentum, more money is needed.

Vedi further added that that PSB was the smallest public sector ban. But it was growing at a fast pace and through the IPO it was expecting to raise close to Rs. 400-500 crore. PSB is the last national bank which is going the capital market route for raising funds.

Till now, all other national banks have their shares listed on the stock exchange.

Besides this, the bank also wants its visibility to increase and that is possible only through a public issue. Also the level of corporate governance practices will increase.