State-owned Punjab & Sind Bank (PSB) on Wednesday said that it had raised ₹3,000 crore through the private placement of infrastructure bonds (long-term bonds).
The bank received total bids of ₹6,031 crore against the base issue size of ₹500 crore, PSB said in a regulatory filing.
PSB said that it has decided to accept bids of ₹ 3,000 crore at coupon rate of 7.74 per cent per annum.
It said the bonds, which are unsecured, subordinated, redeemable, non-convertible, and taxable debentures, have a face value of ₹1 lakh each.
In recent times, Banks have preferred infrastructure bonds over AT-1 and Tier-2 bonds, as they are better priced.
