PNB on Wednesday said it has raised Rs 994 crore by issuing Basel III compliant bonds on private placement basis.
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Punjab National Bank (PNB) has decided to inject Rs 600 crore in PNB Housing Finance Ltd. (PNBHFL), through preferential issue or rights issue among other options.
“The Exchange is hereby informed that the Bank has decided to infuse capital of an amount up to Rs 600 Crore in PNB Housing Finance Ltd. (PNBHFL), an Associate of the Bank, through Preferential Issue/Rights Issue etc. subject to Regulatory Approvals, as and when PNBHFL decides to raise capital,” PNB said in a regulatory filing on Friday.
As of June 30, the state-run PNB held 32.65 per cent stake in the housing finance company.
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PNB on Wednesday said it has raised Rs 994 crore by issuing Basel III compliant bonds on private placement basis. “The bank has issued and allotted Rs 994 crore tier II (Basel III compliant) capital bonds at a coupon of 7.25 per cent per annum on private placement basis,” PNB said in a communication to exchanges.
At 2.38 p.m., shares of PNB Housing Finance on the BSE were trading at Rs 207.25, lower by Rs 2.55 or 1.22 per cent from its previous close.
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