Punjab & Sind Bank secures Rs 3,000 cr via 10 yr infra bond at 7.74%

IIFCL Rs 1,290 crore in two tranches with varying maturities

State-owned Punjab & Sind Bank on Wednesday raised Rs 3,000 crore through 10-year infrastructure bonds at a coupon rate of 7.74 per cent, said sources aware of the development.

 

The infrastructure bond issue had a base size of Rs 500 crore and a green shoe option of Rs 2,500 crore. It was rated “AA” by domestic rating agency CRISIL and India Ratings.

 

“Bank received total bids amounting to Rs 6,031 crore in an overwhelming response from investors and the issue was oversubscribed by 12.06 times against the base issue size of Rs 500 crore,” the bank said in a statement.