Punjab National Bank (PNB) on Tuesday said its board has supported a proposition to raise Rs 12,000 crore through issuance of securities to subsidize business development.
The board has supported raising of capital for a sum up to Rs 12,000 crore through issue of Basel III agreeable AT-1 bonds up to Rs 5,500 crore and Tier II bonds up to Rs 6,500 crore, in at least one tranches, PNB said in a documenting.
AT-1 bonds are viewed as interminable in nature, like value shares according to the Basel III rules. They structure part of the Tier-I capital of banks.
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