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PNB raises Rs 1,500 cr by issuing Basel III bonds

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Punjab National Bank (PNB) on Wednesday stated it has raised Rs 1,500 crore by issuing Basel III compliant bonds on non-public placement foundation. The financial institution has issued and allotted Rs 1,500 crore tier II (Basel III compliant) capital bonds at a coupon of seven.10 per cent every year on non-public placement foundation, PNB stated in a regulatory submitting.

The financial institution has allotted a complete of 15,000 bonds to 3 allottees.

Globally, banks are required to enhance and strengthen their capital planning processes underneath the Basel-III Capital Regulations.

These laws had been put in place within the aftermath of world sub-prime disaster to mitigate issues on potential stresses on asset high quality and consequential impression on efficiency and profitability of banks.

Shares of PNB closed at Rs 29.25 apiece on the BSE, down 1.02 per cent from earlier shut.

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