New Delhi : Punjab and Sind Bank today announced that it has floated a lower Tier II issue of Rs 100 crore bonds with the green shoe option of retaining the oversubscription upto Rs 100 crore.The tenor of the bonds is 117 months with a coupon rate of 9.25 per cent, the bank said in a relase.
The issue is open for subscription from today till July 19 and the bond shall be listed at the National Stock Exchange, it said.
With the view to meet the Basel II norms as also for expansion of the assests during the current financial year the bank is raising the funds through the issue of Tier II bonds, it said.
The credit adequecy ratio of the bank as on March 31, stood at 12.83 per cent.
During the 2005-06, the bank declared a net profit of Rs 108.32 crore and clocked a deposit growth of 19.43 per cent and 44 per cent increase in advance. PTI