Punjab National Bank board to raise Rs12,000 crore via bonds; Stock gains 1%

30 Mar 2022 , 09:16 AM

Punjab National Bank has informed that the Board of Directors in its meeting held on March 29, 2022 has approved raising of capital for an amount up to Rs12,000 crore.

The raising of capital will be held through issue of Basel III compliant AT-1 Bonds up to Rs5500 crore and Tier II Bonds up to Rs6500 crore, to be raised in one or more tranches.

On Wednesday morning trade, Punjab National Bank was trading at Rs35.40 per share higher by 1.29% on Sensex.