After the public sector lender announced to raise funds by Rs 582 crore by issuing bonds at a coupon of 8.4% per annum through PPB (private placement basis), Punjab National Bank (PNB) rose at 3.02% to Rs 51.20.

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The bank allotted 8.4%  subordinated, unsecured, fully paid-up, non-convertible, taxable and Basel III compliant additional tier I bonds of Rs 1 crore each, which will qualify as tier I capital. The bank issued bonds to 10 investors.

This bank is engaged in treasury, retail banking, corporate/wholesale banking and other banking operations. At the end of September 2022, a 73.15% stake was held by the government of India in PNB.

On a consolidated basis, the net profit fell 62.8% to Rs 411.27 crore despite of 8.2% rise in the total income of Rs 23,001.26 crore in the July- September quarter of FY23 over the July- Sep quarter of  FY22.