PNB may raise Rs 7,000 cr from bonds
The country"s second largest public sector lender, Punjab National Bank, today said it can raise up to Rs 7,000 crore from bonds to fund growth plans. - Aban Offshore repays bonds worth Rs 800 cr - Bond yields to remain high - PNB offers subsidized home loans on New Year eve - BSE to introduce new corporate debt market platform next week - FII-TO-FII: PNB traded at 6% premium - Unique identity number to help banks skip KYC rules "We have headroom of raising Rs 7,000 crore from Tier II bonds and funds would be raised depending on the requirement," PNB Chairman and Manging Director K R Kamath told PTI. Asked about plans of raising funds in near future, Kamath said, "definitely rate of interest is conducive now. If we forsee interest rate hardening then we can raise some capital." The bank has sufficient headroom so it is a question of specific number and timing, he said. Last month, the bank raised Rs 700 crore from bonds to fund credit growth. The bank raised Rs 500 crore by issue of upper tier II bonds while remaining Rs 200 crore was raised through issue of tier I perpetual bonds. Talking about extension of housing loan bonanza, Kamath said, "It is more of reaching out to people emotionally because people would like to comit new venture like house either at the Christmas, New Year or Makar Sankranti or Pongal then you are there by giving them small discount." Last week, PNB extended housing loan coverage from Rs 30 lakh to Rs 50 lakh under its Festival Bonanza Offer 2009. As a part of its offer, the bank charges discounted interest rate of 8.50 per cent for fixed loans.sameday loans commented:
Now a days bond become a good source of income. I have studied a report on that . Hoping., more rising collectionfor bank.Thanx for the post.
30.09.2011
quickquid commented:
I hope PNB is taking right decision and in future we will see it\'s good result.Such raised amount can give a new turn to market.
05.12.2011
quick loan commented:
PNB is using the right source for getting money as bond is really the good source nowadays to cash the fund. I hope such fund will be used for real growth.
19.12.2011
Asian Private Funds commented:
PNB is really taking a good decision by raising such amount through bonds. They will really get such amount and I am sure they will utilize it for the purpose very well.
20.01.2012
Escorts in Goa commented:
Article contains all the reliable information that is required, I think that you have shown a pretty good job, keep on posting more articles like this.
27.01.2012
Mortgage Specialist commented:
PNB is taking such decision with a good intention so I wish them to be successful.I think they will easily get their goal of such fund allocation.
16.02.2012
payday loan comparison commented:
this information seems very impressive and this is something that i liked about it. Lovely post and please share it with more peoples
23.02.2012
Family Businesses Asia commented:
I think bonds are the nice source of income.PNB is going to make a right decision.Thanks for sharing such an updated post.
24.02.2012