Mercantile Bank, a listed bank, has received approval for the issuance of perpetual bonds worth Rs 700 crore. This information has been known from DSE sources.

It is learned that the bond issue has been approved by the concerned investors at the 22nd Annual General Meeting (AGM) of the bank. The bank will issue additional Tier-1 bank-funded bonds to meet Basel 3 requirements. The bank will now be able to issue bonds only with the permission of the regulatory body.

Sunbd/NJ