Business   

PNB plans Tier-II bonds, ECBs

NEW DELHI DEC. 25. Punjab National Bank plans to raise about Rs. 400 crores through bonds issue this fiscal and another Rs. 1,000 crores from the overseas market after getting the Government's permission. The bank will soon seek market regulator Securities and Exchange Board of India's approval for the Tier-II bonds issue worth about Rs. 400 crores, PNB Chairman, S. S. Kohli, told PTI. Subject to regulatory nod, the bank intends to raise the funds by the fiscal end. PNB had raised Rs. 256 crores in subordinated debt last fiscal, Mr. Kohli said.

The need to raise capital through the Tier-II bonds comes in the wake of growth in business of the bank. It also plans to raise $215 million (about Rs. 1,000 crores) through ECBs.

Printer friendly page  
Send this article to Friends by E-Mail

Business

News: Front Page | National | Southern States | Other States | International | Opinion | Business | Sport | Miscellaneous |
Advts: Classifieds | Employment | Obituary |

Stories in this Section

• House panel for level playing field
• Laptops set for strong growth?
• Formulate strategy for effective use of forex reserves - Chamber
• Printing inks: MNCs' entry helps domestic players
• Keane centre in Gurgaon
• RCI bullish on vacation ownership industry
• Enterprise security services from 3COM
• ITC Foods looking for foreign partners
• CII team calls on Goh
• Finance Ministry favours cut in minimum price for cane
• Thy name is just competition
• Trendsmith in expansion mode
• PNB plans Tier-II bonds, ECBs
• HSL-built tug for Mormugao
• ToolBook instructor 2004
• Sterling Days bags RCI award

Copyright © 2003, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu