Business Daily from THE HINDU group of publications
Tuesday, Feb 12, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Feb 12, 2008 ePaper | Mobile/PDA Version |
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Money & Banking
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Corporate Bonds Allahabad Bank to raise Rs 300 cr K.R.Srivats New Delhi, Feb. 11 Allahabad Bank, a public sector bank, plans to raise Rs 300 crore of perpetual bonds before end-March this year, its Chairman and Managing Director, Mr A.C.Mahajan, has said. “I am looking to raise about Rs 300 crore through perpetual bonds, which is Tier-I capital. This will take my capital adequacy ratio to 13.1 per cent from the level of 12.84 per cent”, Mr Mahajan said. Allahabad Bank is looking at perpetual bonds to raise capital as it does not want to dilute Government equity in the bank. The Centre has 55.23 per cent stake in the bank as on end-December A number of public sector banks have recently used the perpetual bonds route. More Stories on : Corporate Bonds | Public Sector Banks
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