PNB slips on plans of raising Tier II Basel III compliant Bonds

Punjab National Bank fell 2.1% to Rs 940.50 at 14:55 IST on BSE after the bank said it is raising Rs 500 crore Tier-II Basel III compliant Bonds on private placement basis.

The announcement was made during market hours today, 4 September 2014.

Meanwhile, the BSE Sensex was down 129.25 points or 0.49% at 27,005.95.

On BSE, so far 78,795 shares were traded in the counter, compared with an average volume of 1.17 lakh shares in the past one quarter.

The stock hit a high of Rs 958.55 and a low of Rs 935.45 so far during the day. The stock hit a 52-week high of Rs 1,068 on 26 May 2014. The stock hit a 52-week low of Rs 402.20 on 4 September 2013.

The PSU bank has an equity capital of Rs 362.07 crore. Face value per share is Rs 10.

Punjab National Bank (PNB) said bonds carry an annual coupon of 9.35% and will be issued from today, 4 September 2014 to 9 September 2014 through five arrangers.

PNB's net profit rose 10.2% to Rs 1405.12 crore on 9.2% rise in total income to Rs 12825.13 crore in Q1 June 2014 over Q1 June 2013.

Government of India holds 58.87% in the bank as at 30 June 2014.

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