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PNB raises Rs 994 crore by issuing Basel III compliant bonds


India

PNB raises Rs 994 crore by issuing Basel III compliant bonds

New Delhi: Punjab National Bank (PNB) on Wednesday said it has raised Rs 994 crore by issuing Basel III compliant bonds on private placement basis. “The bank has issued and allotted Rs 994 crore tier II (Basel III compliant) capital bonds at a coupon of 7.25 per cent per annum on private placement basis,” PNB…

Fresh Delhi: Punjab Nationwide Financial institution (PNB) on Wednesday said it has raised Rs 994 crore by issuing Basel III compliant bonds on personal placement foundation.

“The financial institution has issued and disbursed Rs 994 crore tier II (Basel III compliant) capital bonds at a discount of 7.25 per cent per annum on personal placement foundation,” PNB said in a regulatory filing.

The scenario opened on July 27 and closed on July 29, PNB said.

There had been a full of 17 allottees beneath this scenario, the general public sector lender said.

To follow Basel-III Capital Regulations, banks have to strengthen and give a pick to their capital planning processes.

These norms are being utilized to mitigate concerns on most likely stress on asset quality and consequential affect on performance and profitability of banks.

The Indian banking system has been imposing Basel III requirements in phases since April 1, 2013. Banks had been anticipated to totally put into effect these norms by March 2020.

PNB stock closed at Rs 32.75 on BSE, up 1.87 per cent from the outdated conclude.

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