Financial Daily from THE HINDU group of publications
Saturday, Nov 13, 2004
Financial Daily from THE HINDU group of publications Saturday, Nov 13, 2004 |
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Money & Banking
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Private Placement BoR raises Rs 70 cr via pvt placement Our Bureau
Mumbai , Nov. 12 BANK of Rajasthan has raised Rs 70 crore through private placement issue of unsecured redeemable non-convertible subordinated bonds. The bank has an option to retain over subscription of Rs 25 crore on this issue, said a press release. The bonds have been rated `A-' by CARE. The coupons will be payable annually on both bonds, one of the tenure of 84 months bearing coupon rate of 7.50 per cent, while another bond with tenure of 116 months will have a coupon of 7.75 per cent. "The private placement of bonds is being made to augment the Tier-II capital for strengthening the capital adequacy and enhancing the long term resources of the bank," said Mr P.K. Tayal, Chairman of the bank.
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