New Delhi: Indian Bank said Wednesday that it has raised Rs 110 crore through bonds.

The Basel III Compliant Tier 2 bonds, with a coupon rate of 8.85 per cent per annum, were raised on Tuesday. The bonds have tenor at 10 years and call option after completion of 5 years on private placement basis, an Indian Bank statement said.

According to the statement, the credit rating assigned to these bonds is "CRISIL AAA/Stable" and "CARE AAA".

Earlier in August 2016, the bank's board had approved the proposal to raise Basel III Compliant AT1 and/or Tier 2 Bonds up to Rs 1,000 crore in one or more tranches in the current or subsequent years based on requirement.

Last month, the bank had successfully raised Rs 290 crore under Basel III Compliant Tier 2 Bonds.

No Comments For This Post, Be first to write a Comment.
Leave a Comment
Enter the code shown:

Can't read the image? click here to refresh

Todays Epaper

Which cricket team will win the Indian Premier League 2019?

Kolkata Knight Riders
Chennai Super Kings
Sunrisers Hyderabad