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Corporation Bank to raise Rs 500 cr via Tier-II bonds

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BS Reporter Bangalore

Public sector Corporation Bank has proposed to issue upper Tier-II bonds for Rs 500 crore on private placement basis.

The bank plans to raise the amount through issue of unsecured redeemable non-convertible subordinated upper Tier-II bonds in the nature of promissory notes with a tenor of 15 years. The issue opens and closes on May 28, 2009.

Corporation Bank had plans to raise Tier-II capital of about Rs 1,500-2,000 crore during the current fiscal, bank’s Executive Chairman Asit Pal said earlier. Of this, the bank had already raised Rs 1,000 crore in two tranches during April this year.

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First Published: May 28 2009 | 1:44 PM IST

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