Punjab National Bank (PNB) said it has raised ₹994 crore by issuing Basel III compliant bonds on private placement basis. “The bank has issued and allotted ₹994 crore tier II (Basel III compliant) capital bonds at a coupon of 7.25 per cent per annum on private placement basis,” PNB said in a regulatory filing. The issue opened on July 27 and closed on July 29, PNB said. There were a total of 17 allottees under this issue, the public sector lender said. To comply with Basel-III Capital Regulations, banks need to improve and strengthen their capital planning processes.