Punjab National’s Board Approves Bond Plan to Raise $816 Million
(Bloomberg) -- Punjab National Bank’s board has approved plans to raise 60 billion rupees ($816 million) through the sale of bonds.
The New Delhi-based lender, which has been hit by a slew of scandals of the past years, can raise funds by issuing one or more tranches of Additional Tier 1 or Tier 2 notes that comply with Basel III capital norms, it said in an exchange filing Friday.
Punjab National Bank in 2018 alleged it was swindled of $2 billion by a jeweler who colluded with bank officials. The lender reported two further incidents stemming from improper loans in 2019.
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