The Hindu Business Line : Corporation Bank bond issue

Corporation Bank on Thursday raised tier-II capital bonds for Rs 300 core. The bank informed the Bombay Stock Exchange that the board of directors meeting on Tuesday had given its approval for the issuing tier-II capital bonds for Rs 500 crore. Out of the above Rs 500 crore, the bank has now issued and raised tier-II capital bonds for Rs 300 crore. The instrument is private placement of unsecured, redeemable non-convertible, non-cumulative subordinated bonds in the nature of promissory notes. The coupon rate is 9.40 per cent per annum fixed, and interest payment is annual. –

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