India’s Punjab National Bank raises Rs. 18 billion from 8.35% debentures

By Tali Rackner

Norfolk, Va., March 24 – Punjab National Bank informed the Bombay Stock Exchange that it has raised Rs. 18 billion through its issue of 8.35% long-term debentures, the proceeds of which will be used for infrastructure (project) finance and affordable housing.

The debentures were issued on private placement basis and will mature on March 24, 2025.

New Delhi-based Punjab National Bank is a public-sector commercial bank.

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