Punjab & Sind Bank secures Rs 3,000 crore through infra bond at 7.74% rate
These bonds, issued at a coupon rate of 7.74% per annum, have a tenure of 10 years and are set to be listed on the National Stock Exchange for trading.
Punjab & Sind Bank secures Rs 3,000 crore through infra bond at 7.74% rate
State-owned Punjab & Sind Bank has raised Rs 3,000 crore through the issuance of its inaugural infrastructure bonds, marking a significant milestone in enhancing its infra-lending capabilities. In an impressive response, the bank received bids totaling Rs 6,031 crore, eclipsing the initial base issue size of Rs 500 crore.
These bonds, issued at a coupon rate of 7.74% per annum, have a tenure of 10 years and are set to be listed on the National Stock Exchange for trading.
The infrastructure bonds favored over AT-1 and Tier-2 bonds for their better pricing, are exempt from regulatory reserve requirements such as CRR and SLR, allowing full deployment of proceeds for lending activities, a trend enthusiastically backed by domestic investors.
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