Punjab National Bank gains after issuing AT1 bonds

Punjab National Bank rose 2.12% to Rs 41 after the public sector lender has raised Rs 658 crore by issuing Basel III compliant additional Tier-1 bonds at a coupon rate of 8.3% per annum, on private placement basis.

The bank issued 8.30% unsecured, subordinated, non-convertible, fully paid-up, taxable, Basel Ill compliant additional tier I (AT1) bonds of Rs 1 crore eachm which will qualify as tier I capital.

Punjab National Bank is a public sector bank. As on 30 June 2022, Government of India held 73.15% stake in the bank. As on 30 June 2022, the bank had 10,058 number of branches and 13,219 number ATMs.

 

Punjab National Bank's net profit tumbled 69.9%to Rs 308.44 crore on 6.7% fall in total income to Rs 21,294 crore in Q1 FY23 over Q1 FY22.

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