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.
ALSO READ | Don’t live in India if you like players from other countries, Virat Kohli lashes out at fan
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.
ALSO READ | Diwali 2018: BSF, Pakistan Rangers exchange sweets at Attari-Wagah border
Last month, the bank had successfully raised Rs 290 crore under Basel III Compliant Tier 2 Bonds.