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Punjab National Bank to raise up to 30B rupees via bonds

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Punjab National Bank to raise up to 30B rupees via bonds

Punjab National Bank plans to raise up to 30 billion Indian rupees through the issuance of additional Tier 1 Basel III-compliant bonds.

The bonds will be issued in one or more tranches, according to a Sept. 19 stock exchange filing.

The issuance is subject to board approval.

As of Sept. 19, US$1 was equivalent to 71.32 Indian rupees.