Syndicate Bank informed BSE that it has raised Rs 399 crore by issue of unsecured, non-convertible IPDI (Innovative Perpetual Debt Instruments) Tier I capital. The issue, which opened on January 02, 2009, closed on January 03, 2009.
The bonds are rated "AA+ /Stable" by CRISIL and "CARE AA" by CARE.
The bonds carry a coupon rate of 9.40 per cent per annum payable annually. Step up coupon rate of 0.50 per cent per annum is payable for further life if call option is not exercised at the end of 10th year from the date of allotment.
The allotment of the bonds will be completed on January 12, 2009, which is the deemed date of allotment, as against January 15, 2009 mentioned in the earlier letter.