Punjab National Bank To Raise Rs 10,000 Crore Through Compliant Bonds

The board of directors of Punjab National Bank has approved the raising of Rs 10,000 crore through compliant bonds.

The lender will raise the amount through Basel III compliant bonds in one or more tranches in the financial year 2025, according to its exchange filing on Thursday.

Punjab National Bank will raise up to Rs 7,000 crore through additional Tier-I bonds and the remaining Rs 3,000 through Tier-II bonds.

The bank on March 15, in its extraordinary general meeting, had approved raising of equity capital of Rs 7,500 crore through qualified institutional placements or any other mode.

Shares of Punjab National Bank closed 1.30% higher at Rs 124.35 apiece, as compared with a 0.92% advance in the NSE Nifty 50.