Indian Bank raises Rs 110 crore through bonds

Indian Bank said Wednesday that it has raised Rs 110 crore through bonds. The Basel III Compliant Tier 2 bonds, with a coupon rate of 8.85 per cent per annum, were raised on Tuesday. The bonds have tenor at 10 years and call option after completion of 5 years on private placement basis, an Indian Bank statement said.

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According to the statement, the credit rating assigned to these bonds is "CRISIL AAA/Stable" and "CARE AAA".

Earlier in August 2016, the bank's board had approved the proposal to raise Basel III Compliant AT1 and/or Tier 2 Bonds up to Rs 1,000 crore in one or more tranches in the current or subsequent years based on requirement.

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Last month, the bank had successfully raised Rs 290 crore under Basel III Compliant Tier 2 Bonds.