PNB raises Rs 500 cr through bonds

Tags: Companies
State-owned Punjab National Bank today said it has raised Rs 500 crore from bonds to fund the business growth plans.

"Bank has raised Rs 500 crore capital through Tier-2 (Basel III compliant) bonds," PNB said in a filing on the BSE.

Last month also the bank raised Rs 500 crore from bonds.

The bank also got capital infusion of Rs 500 crore from the government during 2013-14.

The fund support to PNB was part of Rs 14,000 crore overall capital infusion plan for public sector banks (PSBs).

Capital infusion by the government has been done with the twin objective of adequately meeting the credit requirement of the productive sectors as well as to maintain regulatory capital adequacy ratios in PSBs.

The government's fund infusion in PSBs is in addition to their internally generated capital to enable them to maintain a comfortable level of Tier-I, or equity, capital.

The PNB scrip closed at Rs 741.80, down 2.08%, on the BSE.

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