Public sector lender Punjab National Bank (PNB) has raised Rs 582 crore through a private placement of bonds.

The bank has issued and allotted Basel III compliant Additional Tier 1 bond at a coupon of 8.4% per annum for a total private placement of Rs 582 crore, the bank said in a regulatory filing on Friday. The bank said that the non-convertible taxable bonds would qualify as Tier 1 capital.