Punjab National Bank (PNB) has raised Rs 495 crore by issuing bonds on private placement basis. The bank has issued and allotted Rs 495 crore Additional Tier - 1 (Basel III Compliant) Capital Bonds at a coupon of 8.6 per cent per annum on private placement basis. The fund was raised through unsecured, subordinated, non-convertible, fully paid-up, perpetual, taxable bonds, which will qualify as Basel III-compliant Additional Tier I Capital of Rs 10 lakh each.
PNB is one of the oldest banks in India having a virtual presence in every important center of the country. The Bank caters to a wide variety of audience through spectrum of services including corporate and personal banking, industrial finance, agricultural finance and international finance.
