The South Indian Bank today said it has raised Rs 490 crore by issuance of non-convertible, redeemable and unsecured bonds.
The Capital Planning and Infusion Committee of the board by a resolution passed today has allotted 49,000 non- convertible, redeemable, unsecured, basel III compliant tier 2 bonds, for inclusion in tier 2 capital of the bank in the nature of debentures of the face value of Rs 1,00,000 each at par aggregating Rs 490 crore in dematerialised form.
The bonds will carry interest at the rate of 9.50 per cent per annum payable half yearly for a period of 126 months, South Indian Bank said in a BSE filing today.
The said bonds shall be listed on BSE, it added.
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