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.