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Karnataka Bank Ltd has announced the allotment of Basel III compliant unsecured tier-2 subordinated bonds aggregating to ₹300 crore on private placement basis.
The bank informed stock exchanges that the committee of directors of the board of the bank, at its meeting on Wednesday, has approved the allotment of unsecured, subordinated, redeemable, non-convertible, fully paid-up Basel III compliant tier-2 bonds in the nature of debentures of face value of ₹1 crore each, aggregating to ₹300 crore, on private placement basis to the successful bidders on the electronic bidding platform of the NSE-EBP.
It may be mentioned here that the board of directors of the bank, which met on March 22, had approved the proposal for issuance of Basel III compliant unsecured tier-2 subordinated bonds in the nature of debentures with a base issue size of ₹150 crore and a greenshoe option to retain over-subscription up to ₹150 crore, aggregating up to ₹300 crore, in one or more tranches on private placement basis to the eligible investors.
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