Syndicate Bank raises Rs 1,000 cr via bonds

State-run lender Syndicate Bank has raised Rs 1,000 crore by issuing tier-II bonds through private placement.
"The bank has finalised the issue of unsecured redeemable non-convertible Basel-III complaint tier-II bonds in the nature of debentures aggregating to Rs 1,000 crore," the bank said in a BSE filing.
The bonds carry a coupon rate of 8.58 per cent per annum. The issue was opened on September 24 and closed on September 28. The bonds will mature on September 28, 2025.
Syndicate Bank did not mention how it intends to use the amount raised.
Syndicate Bank's shares closed at Rs 81.65 on BSE, down 1.03 per cent from the previous close.