PNB board approves Rs 10,000 crore fundraising in FY25 by issuing bonds

''The Board of Directors of the Bank, in its meeting held today, has approved raising of capital for an amount up to Rs 10,000 Crore through Basel III Compliant Bonds,'' the bank said in a filling

State-owned Punjab National Bank on Thursday said it will raise Rs 10,000 crore by issuing bonds in the next fiscal.

"The Board of Directors of the Bank, in its meeting held today, has approved raising of capital for an amount up to Rs 10,000 Crore through Basel III Compliant Bonds (Additional Tier-I Bonds up to Rs 7,000 Crore and Tier- -II Bonds up to Rs 3,000 Crore), to be raised in one or more tranches during FY 2024-25," PNB said in a regulatory filing.

Shares of PNB closed at Rs 124.35 on the BSE, up 1.30 per cent.