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South Indian Bank has raised ₹500 crore by issuing Basel III-compliant AT 1 Bonds.
The bank issued 50,000 13.75% non-convertible, fully paid-up, unsecured, perpetual, Basel III-compliant Tier-1 bonds in the nature of debentures with an issue size of Rs 500 crore, the bank said in a regulatory filing.
The issue, which opened on January 22, was fully subscribed, including the greenshoe option and was closed on the same day.
The objective of the issue is to augment tier-1 capital under Basel III Capital Regulations as laid out by the RBI and overall capital of the bank for strengthening its capital adequacy and for enhancing its long-term resources. The bank's capital adequacy position under Basel III norms was 12.02 per cent as on December 31, 2019.
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