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Punjab National Bank raises Rs 250-cr via Debentures
Punjab National Bank raised Rs 250 crore by issuing Basel III compliant perpetual debt instruments in the nature of debentures. Bank raised Rs 250 crore on March 29, 2017 through unsecured, subordinated, fully paid-up, non-convertible, Basel III compliant, perpetual debt instruments (series X) in the nature of debentures for inclusion in additional tier I capital of face value of Rs 10.00 lakh each (bonds) at a coupon rate of @ 9.21 per cent payable annually," PNB said in a filing to BSE.
PNB's gross non-performing assets (NPAs) stood Rs 55,627.51 crore as on December 31, 2016. In 2015-16, PNB posted net loss of Rs 3,974.39 crore due to high level of stressed assets as well as stringent RBI rules that required higher allocation to cover bad loans.