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Indian Bank raises Rs 1.1 bn through Basel-III-compliant Tier-2 bonds

BS Reporter/Chennai 07 Nov 18 | 11:02 PM

Indian Bank raised another Rs 1.1 billion under Basel-III-compliant Tier-2 bonds on Tuesday, as its board issued its approval to raise up to Rs 10 billion in one or more tranches.   

The board had earlier approved the raising of Basel-III-compliant AT1 or Tier-2 bonds up to Rs 10 billion. On October 30, the bank raised Rs 2.9 billion under Basel-III-compliant Tier-2 bonds.  

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On Tuesday, it raised around Rs 1.10 billion under the bonds, with a coupon rate of 8.85 per cent per annum, a tenure of 10 years and call option after completion of five years, on private placement basis. 

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