Allahabad Bank raises Rs 400 cr

KOLKATA: Allahabad Bank on Saturday closed the issue of tier II subordinated bonds amounting to Rs 400 crore to augment capital adequacy and enhancing long-term resources.

A bank spokesman said that the bonds were unsecured, redeemable, non-convertible, subordinated and promisory notes in nature.

The bonds bear a coupon rate of 9.23 per cent payable annually and redeemable at the end of tenth year.