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Allahabad Bank raises Rs 300 crore

Allahabad Bank raises Rs 300 crore

Tuesday, March 21, 2017, 7:16 AM

Kolkata-based Allahabad Bank on Monday said it has “successfully” raised additional Tier 1 capital through private placement of “perpetual bonds” aggregating Rs 300 crore. According to a notification to the bourses, the bonds have an annual coupon rate of 11.15% and include the exercise of green-shoe option of Rs 100 crore. The price of these bonds were “discovered” through the electronic bidding mechanism of the NSE.
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