Punjab and Sind Bank raises Rs 30 billion through infrastructure bonds

Punjab and Sind Bank has raised Rs 30 billion through 10-year infrastructure bonds. The bonds were issued at a coupon rate of 7.74 per cent. The issue comprised a base size of Rs 5 billion with a significant green shoe option of Rs 25 billion. The bonds were “AA” rated by Credit Rating Information Services of India Limited (CRISIL) and India Ratings. The issue saw an oversubscription of over 12 times to Rs 60.31 billion.