State-owned Syndicate Bank said it has raised ₹870 crore from Tier I bonds to meet Basel III norms. The fund has been raised from unsecured perpetually fully paid-up non-convertible Basel III compliant additional Tier I bonds 2015-16, Syndicate Bank said in a statement.
The bond carries a coupon rate of 11.25 per cent per annum payable annually, it said. Besides, the bank has also raised over ₹217 crore by allotting preferential shares to LIC to shore up capital.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.