New Delhi, Jul 29 (PTI) Punjab National Bank (PNB) on Wednesday said it has raised Rs 994 crore by issuing Basel III compliant bonds on private placement basis.

"The bank has issued and allotted Rs 994 crore tier II (Basel III compliant) capital bonds at a coupon of 7.25 per cent per annum on private placement basis," PNB said in a regulatory filing.

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The issue opened on July 27 and closed on July 29, PNB said.

There were a total of 17 allottees under this issue, the public sector lender said.

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To comply with Basel-III Capital Regulations, banks need to improve and strengthen their capital planning processes.

These norms are being implemented to mitigate concerns on potential stress on asset quality and consequential impact on performance and profitability of banks.

The Indian banking system has been implementing Basel III standards in phases since April 1, 2013. Banks were expected to fully implement these norms by March 2020.

PNB stock closed at Rs 32.75 on BSE, up 1.87 per cent from the previous close.

(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)