MUMBAI, March 21 (Reuters) - India's Punjab National
Bank plans to raise at least 5 billion rupees ($60.5
million) through the sale of Basel III-compliant additional
Tier-I perpetual bonds, three merchant bankers said on Tuesday.
The state-run lender has invited coupon and commitment bids
from bankers and investors for the issue on Friday, they said.
The bond has a greenshoe option to retain an additional 15
billion rupees and will be settled next week.
The bonds are rated AA+ by CARE Ratings and India Ratings,
and have a call option at the end of the fifth year from the
allotment date.
In December, the lender had raised 5.82 billion rupees
selling additional Tier-I bonds at 8.40% coupon, with a call
option at end of five years.
($1 = 82.5960 Indian rupees)
(Reporting by Dharamraj Dhutia and Bhakti Tambe
Editing by Pooja Desai)
