PNB board gives nod to raise Rs 1,000 cr by issuing Basel III bonds

Punjab National Bank on Monday said it has got nod from its board to raise up to Rs 1,000 crore by issuing Basel III compliant bonds.

The Board of the Bank in its meeting held on Monday has granted permission for raising funds through issuance of Basel-III compliant Tier-II bonds amounting up to Rs 1,000 crore in one or more tranches.

Stock of PNB closed at Rs 57.35 on the BSE, down 2.88 per cent from previous close.