Moneycontrol PRO
Check Credit Score
Check Credit Score
HomeNewsBusinessCompanies

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.

October 24, 2016 / 09:44 PM IST

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.

first published: Oct 24, 2016 08:42 pm

Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347