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PNB raises Rs 994 crore by issuing Basel III compliant bonds
New Delhi: Punjab National Standard bank (PNB) on Wednesday claimed it has raised Rs 994 crore by issuing Basel III compliant bonds about private placement basis.
“The bank has issued plus allotted Rs 994 crore tier II (Basel III compliant) capital bonds at the coupon of 7.25 % per annum on private positioning basis,” PNB claimed in a regulatory filing.
The issue opened on Come july 1st 27 and closed about July 29, PNB claimed.
There were a total connected with 17 allottees under this problem, the public sector lender claimed.
To comply with Basel-III Cash Regulations, banks need to enhance and strengthen their funds planning processes.
These best practice norms are being implemented to abate concerns on potential strain on asset quality plus consequential impact on performance plus profitability of banks.
The Indian banking system have been implementing Basel III criteria in phases since The spring 1, 2013. Banks had been expected to fully implement these kind of norms by March 2020.
PNB stock closed in Rs 32.75 about BSE, up 1.87 per cent from the previous shut.