The Hindu Business Line : PNB raises Rs 800 cr through bonds

Punjab National Bank (PNB) has raised Rs 800 crore through two different sets of bond offerings to fund business growth and help meet the Basel-II norms.

While Rs 300 crore has been raised through Tier-I Perpetual Bonds on a private placement basis, the bank has also mobilised Rs 500 crore as Upper Tier II bonds on a private placement basis.

PNB said in a filing with the Bombay Stock Exchange that December 11 would be reckoned as the date of allotment of Tier-I Perpetual Bonds.

PNB’s Chairman and Managing Director, Dr K.C. Chakrabarty, had made it clear that there would be no reduction of Government equity in the bank during the current fiscal. He had indicated that the bank would use the bond route to raise capital to fund business growth.

More Stories on : Corporate Bonds | Public Sector Banks | Punjab National Bank

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