Punjab National Bank raises Rs 2,000 crore via Basel III bonds

Public sector lender Punjab National Bank (PNB) on Wednesday said it has raised Rs 2,000 crore by issuing Basel III compliant bonds to certain investors on a private placement basis. The bank has issued and allotted Basel III compliant additional tier-I bonds at a coupon rate of 8.75 per cent per annum aggregating to Rs 2,000 crore on private placement basis, PNB said in a regulatory filing.

The Delhi-based lender said it issued a total of 2,000 bonds to 20 allottees on Wednesday.

Stock of PNB closed at Rs 29.95 apiece on BSE, up by 0.84 per cent from its previous close.