Punjab National Bank (PNB) has raised Rs 582 crore by issuing bonds on private placement basis. The bank has issued and allotted Basel III compliant Additional Tier I bonds at a coupon of 8.40 per cent per annum. The non-convertible taxable bonds will qualify as Tier I capital.
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.