Punjab National Bank raises Rs2,000 crore through bonds; stock jumps ~2.5%

7 Jul 2022 , 12:38 PM

Punjab National Bank issued and allotted Basel III Compliant Additional Tier-I Bonds at a coupon of 8.75% p.a. aggregating to Rs2,000 crore on a private placement basis.

The bank has issued 8.75% Unsecured, Subordinated, Non-Convertible, fully paid-up, Taxable, Basel III Compliant Additional Tier I Bonds which will qualify as Tier I Capital of Rs1 crore each.

Issued of these bonds opened on July 4, 2022, and closed on July 6, 2022. A total of 2,000 bonds have been allotted to 20 subscribers.

Punjab National Bank’s counter was trading at Rs30.75, up by 2.67% against the previous close of Rs29.95 on NSE. It touched intraday high and low of Rs31.05 and Rs30 respectively.