New Delhi: Public sector lender Punjab National Bank (PNB) has raised Rs 582 crore by issuing bonds on a private placement basis.

"The bank has issued and allotted Basel III compliant Additional Tier I bonds at a coupon of 8.40 percent per annum, aggregating to Rs 582 crore on a private placement basis," the bank said in a regulatory filing on Friday.

The bank said the non-convertible taxable bonds will qualify as Tier I capital.

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