PNB to raise Rs 500 cr from bonds

Punjab National Bank (PNB) today said it would raise Rs 500 crore from bonds to meet its capital requirement for credit growth.

The bank will be raising Rs 500 crore from Upper Tier II bonds, PNB informed the Bombay Stock Exchange.

The proposed opening and closing date is May 24, it said.

PNB shares were trading at Rs 990, down 1.29 per cent in the afternoon trade on the Bombay Stock Exchange.
    
Earlier this month, PNB had said it can raise up to Rs 6,800 crore from bonds to fund growth plans.
    
"We have headroom of raising Rs 6,800 crore from both tier-I and tier-II bonds and funds would be raised depending on the requirement," PNB Chairman and Manging Director K R Kamath had said.
    
The fund would be raised when the interest rates are optimum, he had said.