PNB raises Rs 1,971 cr through bonds

State-owned Punjab National Bank (PNB) on Monday said it has garnered Rs 1,971 crore through additional tier-1 bonds, to fund business growth.

The bank has issued and allotted Basel-III-compliant additional tier-1 (AT-1) bonds at a coupon of 8.50 per cent per annum aggregating to Rs 1,971.00 crore on a private placement basis, PNB said in a regulatory filing.

The bank issued 1971 bonds worth Rs 1 crore each, it said.

These bonds have been issued to 13 investors, it added.