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Syndicate Bank has raised Tier II capital of Rs 750 crore through a bond offering to augment long term resources and strengthen its capital base.
In a statement, the bank said it has raised unsecured non-convertible reedemable 10 year Basel III compliant Tier II bond of Rs 750 crore at 8.95 per cent on a private placement basis. The bond issue was closed on Monday.
Syndicate Bank's bond issue was assigned AA+ rating both by ICRA and CARE. The Syndicate Bank scrip ended 5.78 per cent higher at Rs 136.35 on the BSE on Tuesday in a flat market.
The Manipal-headquartered Syndicate Bank had reported a 33 per cent decline in net profit for the September quarter at Rs 316 crore on higher provisioning and flat interest income.
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