Indian Bank raised 110 crore through bonds

Vastavam web: Indian Bank said Wednesday that it has raised Rs 110 crore through bonds. The Basel III Compliant Tier 2 bonds, with a coupon rate of 8.85 per cent per annum, were raised on Tuesday. The bonds have tenor at 10 years and call option after completion of 5 years on private placement basis, an Indian Bank statement said. According to the statement, the credit rating assigned to these bonds is “CRISIL AAA/Stable” and “CARE AAA”.

Earlier in August 2016, the bank’s board had approved the proposal to raise Basel III Compliant AT1 and/or Tier 2 Bonds up to Rs 1,000 crore in one or more tranches in the current or subsequent years based on requirement.