Syndicate Bank raises Rs 1,000 crore through bonds

State-owned Syndicate Bank has raised Rs 1,000 crore by issuing perpetual non-convertible additional tier-I bonds.
"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," the bank said in a regulatory filing.
The issue opened as well as closed today. The bonds will carry a coupon rate of 9.95 per cent per annum payable annually.
Perpetual bonds are the debt instruments with no maturity date and it may be treated as equity than debt.
The issuers of such bonds pay coupons on perpetual bonds forever and they do not have to redeem the principal.

Syndicate Bank stock closed 2.10 per cent higher at Rs 77.70 on BSE.