Money & Banking

Syndicate Bank raises ₹870 cr

PTI New Delhi | Updated on January 20, 2018 Published on March 31, 2016

State-owned Syndicate Bank said it has raised ₹870 crore from Tier I bonds to meet Basel III norms. The fund has been raised from unsecured perpetually fully paid-up non-convertible Basel III compliant additional Tier I bonds 2015-16, Syndicate Bank said in a statement.

The bond carries a coupon rate of 11.25 per cent per annum payable annually, it said. Besides, the bank has also raised over ₹217 crore by allotting preferential shares to LIC to shore up capital.

Published on March 31, 2016
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