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Saturday, January 3, 2015

Corporation Bank to issue non-convertible bonds

Corporation Bank has proposed to issue bonds. The bank’s website posted invitations of bid for its proposal to issue unsecured non-convertible (Basel-III compliant) additional tier-1 perpetual bonds in the nature of debentures.

It said the bank proposes to mobilise Rs. 500 crore with a Green Shoe option to retain over-subscription up to Rs. 500 crore, aggregating to Rs. 1,000 crore through issue of unsecured, non-convertible (Basel-III compliant) additional tier-I perpetual bonds 2014-15 (Series I) on private placement basis.

The bank said the bond issue has been rated as ‘CRISIL AA-/Stable’ by CRISIL Ltd, and ‘IND AA-/Stable’ by India Ratings and Research Pvt Ltd.

The last date for submission of bids is January 8, it said.

Source : Thehindubusinessline


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