Punjab National Bank raises Rs 582 crore through bonds

Public sector lender Punjab National Bank (PNB) has raised Rs 582 crore by issuing bonds on a 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, aggregating to Rs 582 crore on a private placement basis, the bank said in a regulatory filing on Friday.

The bank said the non-convertible taxable bonds will qualify as Tier I capital.