The second largest public sector lender, Punjab National Bank, said that it will raise Rs. 700 crore via bond issues.

The bank in a filing to Bombay Stock Exchange (BSE) said that it would raise Rs. 500 crore through upper tier II bonds.

Besides this, the bank is considering raising an amount of around Rs. 200 crore through issue of tier I perpetual bonds.

The issue would open at November 24 and close on November 25,2009.

PNB is looking forward to acquire weaker banks. According to the bank's Chairman and Managing director, the bank was looking at inorganic growth.

In its quarterly review, the banking regulator RBI had said that consolidation in the banking industry was essential to meet global standards.