February 28, 2014 / 6:01 AM / 4 years ago

India's Punjab National Bank raising 10 bln rupees via Basel III Tier II bonds

MUMBAI, Feb 28 (Reuters) - India’s Punjab National Bank is raising 10 billion rupees ($161.3 million) by placing 10-year Basel III Tier II bonds at 9.65 percent, two sources with direct knowledge of the deal said.

State-run Life insurance Corp of India is the sole investor to the bond sale, said the sources.

ICICI Securities Primary Dealership, AK Capital and Trust Capital are the arrangers for the bond sale, the sources added. ($1 = 62.0150 Indian rupees) (Reporting by Archana Narayanan and Manju Dalal; Editing by Prateek Chatterjee)

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