Upper Tier II bonds of Syndicate Bank oversubscribed

Bangalore, July 20 (UNI) The Syndicate Bank has mobilised Rs 620 crore through its unsecured subordinated Upper Tier II bonds with a tenure of 15 years.

The issue, which had opened on July 14 and closed today, had an offer of Rs 250 crore with an option to retain oversubscription. The bond was priced at 9.35 per cent on an annualised basis with a set up coupon rate of 9.85 per cent (annualised) for the remaining five years if call option was not exercised at the end of tenth year.

The Bank, in a release here, said the amount mobilised was the largest collection till now by a public sector bank, after that of State Bank of India under the new RBI guidelines for raising capital through hybrid instruments.

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