PNB raises Rs 495 cr via AT-1 bonds

State-owned Punjab National Bank (PNB) on Friday said it has raised Rs 495 crore by issuing bonds on private placement basis.

The bank has issued and allotted Rs 495 crore Additional Tier - 1 (Basel III Compliant) Capital Bonds at a coupon of 8.6 per cent per annum on private placement basis, PNB said in a regulatory filing.

The fund was raised through unsecured, subordinated, non-convertible, fully paid-up, perpetual, taxable bonds, which will qualify as Basel III-compliant Additional Tier I Capital of Rs 10 lakh each, it added.