Syndicate Bank issues Rs 500-cr Basel-3 compliant bonds

Bonds with a face value of Rs 10 lakh each carry a coupon rate of 11.25 a year

Public sector lender Syndicate Bank today said it has issued unsecured, non-convertible Basel-III compliant bonds to raise Rs 500 crore.

"The bank has issued bonds in the form of unsecured, non-convertible (Basel-III compliant) perpetual debt instruments in the nature of debentures for inclusion in additional tier-I capital," it said in a BSE filing.

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About the size of the additional tier-I issue, the bank said it has Rs 250 crore with a green shoe option of Rs 250 crore, with limit the issue size to Rs 500 crore.

The bonds with a face value of Rs 10 lakh each, carries a coupon rate of 11.25 per annum.

Syndicate Bank shares were closed 5.24 per cent higher at Rs 71.25 apiece on BSE on last trading day on Friday.