Mumbai, May 01: Punjab National Bank (PNB) has raised USD 100 million through a syndicated loan of a five-year tenure. PNB today signed an agreement to this effect with a group of banks led by Bank of Amercia and credit lyonnais among others, the Delhi-based banking entity said in a release here.

The amount was raised following a special permission accorded by the Ministry of Finance to PNB on account of restructuring of steel and textile sector units as the bank has granted concession to existing units in these two sectors under the corporate debt restructuring scheme, it said.
The issue evoked a good response resulting in a large over subscription, it added.

PNB chairman and managing director S S Kohli said that the bank has been granted permission by the government to avail external commercial borrowing to the tune of USD 215 million, however, the bank has decided to avail only USD 100 million for the time being.
Bureau Report