The Hindu Business Line : SBT raises Rs 200 cr thro' bonds

State Bank of Travancore (SBT) has raised Rs 200 crore through issue of unsecured non-convertible subordinated perpetual bonds by private placement. The bonds, rated `AAA' by Crisil and CARE, carry a coupon rate of 9.34 per cent payable annually for the first 10 years. This would be stepped up to 9.84 per cent for all subsequent years, if the call option is not exercised by the bank at the end of the tenth year, according to a statement from the bank.

The issue was syndicated by A.K. Capital, Citibank, Darashaw, HDFC Bank and UTI Bank. The issue was for augmenting the Tier-I capital for improving the bank's capital adequate ratio and for enhancing its long-term resources, it says.

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