PSB floats Rs 100 cr Tier-2 bonds

New Delhi, July 10 (UNI) Punjab and Sind Bank today floated lower Tier-2 issue of bonds of Rs 100 crore with Green shoe Option of retaining oversubscription upto Rs 100 crore, to finance its expansion programme.

The tenor of the bonds is 117 months having a coupon of 9.25 per cent.

''Although the capital adequacy of the bank is at a comfortable level of 12.83 per cent as on March 31, 2006, with a view to meet the Basel-2 requirements as also expansion of the assets during the current financial year, the bank is raising the funds through the issue of Tier-2 bonds,'' a bank statement said.

The issue, rated AA by CRISIL, will close on July 19 this year.

UNI SBA CS DS1632