Business Standard

Monday, December 23, 2024 | 01:41 PM ISTEN Hindi

Notification Icon
userprofile IconSearch

Punjab & Sind Bank raises Rs 1,000 cr via bonds

Image

Press Trust of India New Delhi
Public sector lender Punjab & Sind Bank today said it has alloted Basel III compliant bonds on private placement basis to raise Rs 1,000 crore.

"Allotment of Basel-III compliant additional tier-1 (AT- 1) bonds with coupon of 10.90 per cent per annum on private placement basis has been done on May 8, 2017," the bank said in a regulatory filing.

The bonds allotted are perpetual in nature, meaning there is no maturity period and it can be converted to equity as well.

Under the Basel-III norms, AT-1 bonds come with loss absorbency features.

In cases of stress, banks can write off such investments or convert them into common equity if approved by the Reserve Bank of India.
 

Shares of Punjab and Sind Bank closed 0.44 per cent up at Rs 68.20 on BSE.

Disclaimer: No Business Standard Journalist was involved in creation of this content

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: May 08 2017 | 8:13 PM IST

Explore News