The Hindu Business Line : Federal Bank Tier-II issue fully subscribed

FEDERAL Bank's issue of unsecured, non-convertible bonds in the form of subordinated debt for its Tier-II capital has been fully subscribed, collecting Rs 150-crore in the process. The size of the issue was Rs 75-crore with an option to retain over subscription of another Rs 75-crore, a press release issued here has said.

The issue was rated `A+' by Fitch and was made under private placement. The issue closed on March 17, as the bank had received subscription for the entire issue, including the greenshoe option.

The tenure of the issue was 75 months with a coupon rate of eight per cent per annum.

Union plans stir

COIMBATORE: Federal Bank Employees' Union has decided to strike work on March 31 and April 2, condemning the management's anti-employee attitude.

The union has been demanding recruitment, abolition of contract labour and outsourcing of job.

The union took to the agitational programme in Tamil Nadu on Wednesday by organising a dharna across the branches of the bank in the State.

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