Syndicate Bank raises Rs 870 crore via bonds

NEW DELHI: State-owned Syndicate Bank today said it has raised Rs 870 crore from Tier I bonds to meet Basel III norms.

The fund has been raised from unsecured perpetually fully paid-up non-convertible Basel III compliant additional Tier I bonds 2015-16, Syndicate Bank said in a statement.

The bond carries coupon rate of 11.25 per cent per annum payable annually, it said.

Besides, the bank has also raised over Rs 217 crore by allotting preferential shares to LIC to shore up capital.