Home >Industry >Banking >PNB raises 1,500 crore by issuing Basel III bonds
The bank has allotted a total of 15,000 bonds to three allottees. (Photo: Mint)
The bank has allotted a total of 15,000 bonds to three allottees. (Photo: Mint)

PNB raises 1,500 crore by issuing Basel III bonds

PNB has issued and allotted 1,500 crore tier II (Basel III compliant) capital bonds at a coupon of 7.10% per annum on private placement basis

NEW DELHI : Punjab National Bank (PNB) on Wednesday said it has raised 1,500 crore by issuing Basel III compliant bonds on private placement basis.

The bank has issued and allotted 1,500 crore tier II (Basel III compliant) capital bonds at a coupon of 7.10% per annum on private placement basis, PNB said in a regulatory filing.

The bank has allotted a total of 15,000 bonds to three allottees.

Globally, banks are required to improve and strengthen their capital planning processes under the Basel-III Capital Regulations.

These regulations were put in place in the aftermath of global sub-prime crisis to mitigate concerns on potential stresses on asset quality and consequential impact on performance and profitability of banks.

Shares of PNB closed at 29.25 apiece on the BSE, down 1.02 per cent from previous close.

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