India New Issue-Punjab National Bank sets 8.75% coupon on perpetual bonds - bankers

MUMBAI, March 24 (Reuters) - India's Punjab National Bank has set a coupon of 8.75% on its Basel III-compliant additional Tier-I perpetual bonds, three merchant bankers said on Friday. The state-run lender has accepted bids worth 9.74 billion rupees ($118.41 million) for this issue, for which it had invited coupon and commitment bids from bankers and investors earlier in the day.

The issue had a base size of 5 billion rupees and a greenshoe option to retain an additional 15 billion rupees.

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. The issue will be settled next week. 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 = 82.2550 Indian rupees) (Reporting by Bhakti Tambe and Dharamraj Dhutia)

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India New Issue-Punjab National Bank sets 8.75% coupon on perpetual bonds - bankers

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