New Delhi, Mar 29 (PTI) Punjab National Bank (PNB) on Tuesday said its board has approved a proposal to raise Rs 12,000 crore through issuance of bonds to fund business growth.

The board has approved raising of capital for an amount up to Rs 12,000 crore through issue of Basel III compliant AT-1 bonds up to Rs 5,500 crore and Tier II bonds up to Rs 6,500 crore, in one or more tranches, PNB said in a filing.

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AT-1 bonds are considered perpetual in nature, similar to equity shares as per the Basel III guidelines. They form part of the Tier-I capital of banks.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)