India’s Punjab National Bank to raise Rs60b through bond sale

NEW DELHI. Punjab National Bank’s board has approved plans to raise Rs60 billion ($816 million) through the sale of bonds.

The New Delhi-based lender, which has been hit by a slew of scandals of the past years, can raise funds by issuing one or more tranches of Additional Tier 1 or Tier 2 notes that comply with Basel III capital norms, it said.

Punjab National Bank in 2018 alleged it was swindled of $2 billion by a jeweller who colluded with bank officials.