Syndicate Bank Issues Rs 930-Crore Bonds To Boost Capital Base

Bengaluru: Syndicate Bank on Monday said it has raised Rs 930 crore in the form of unsecured non-convertible (UNC).

The capital was inclusive of the Greenshoe option, which allows benefactors to sell investors more shares than formerly planned by the issuer, the bank said.

The Unsecured Non-convertible (Basel III Compliant) Perpetual Debt instruments were eligible for inclusion as Additional Tier 1 capital at a coupon of 11.25 per cent, it said in a statement here.

The credit ratings of the Bonds were assigned 'IND AA' by India Ratings and Research and 'CARE AA-' by CARE Ratings. The issue received enthusiastic feedback and was oversubscribed by 1.95 times, the statement said, adding that it was opened and closed on July 14, 2016.

 

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