The Hindu Business Line : Punjab & Sind Bank bond issue

Punjab & Sind Bank (PSB) is in the market to raise fresh capital (tier-II) of about Rs 100 crore to fund its expected business growth in the current fiscal. It has come out with a bond issue for Rs 100 crore along with a greenshoe option of retaining over subscription up to Rs 100 crore. The tenor of the bonds is 117 months with a coupon of 9.25 per cent. The issue has been rated AA- by Crisil. The bond offering, which opened on Monday, would close on July 19.The bonds would be listed at the National Stock Exchange. "Although the capital adequacy of the bank is at a comfortable level of 12.83 per cent as on March 31, 2006, yet with a view to meet the Basel-II requirements as also the expansion of assets during the current financial year, the bank is raising the funds through the issue of tier-II bonds," a statement issued by PSB said.

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