Date:18/09/2008 URL: http://www.thehindubusinessline.com/2008/09/18/stories/2008091852020600.htm

Back Punjab & Sind Bank raises Rs 400 cr

K.R. Srivats

New Delhi, Sept. 17 Punjab & Sind Bank (PSB) has raised Rs 400 crore through lower Tier-II bonds, a bank official said. This comes close on the heels of the bank raising Rs 100 crore through the same route earlier this month.

The latest bond offering for Rs 400 crore closed on Tuesday. The bonds have a coupon rate of 11.05 per cent and a tenor of 127 months. With this, the capital adequacy of the bank stands raised to above 13 per cent. The latest bonds have been rated as ‘AA’—Highest Safety by ICRA and Care.