Allahabad Bank gets Rs 562 cr from Tier II Bonds

Mumbai, Sept 30: The state-owned Allahabad Bank has received subscription from 37 investors to the tune of Rs 561.90 crore for its Tier II Bond series VI, opened on September 27, 2006 and closed on September 29, 2006.

Informing the BSE, the Bank said that the Issue size was Rs 600 crore, including Green Shoe option for Rs 300 crore and this instrument, with a face value and also issue price of Rs 10,00,000 per bond, was rated ''CARE AA+'' and ''AA/Stable'' by two credit rating agencies, CARE and Crisil respectively.

These Bonds carry a coupon rate of 8.85 per cent a year payable annually and can be redeemed at par at the end of 120 months from the Deemed date of allotment. Minimum application entertained is one and the Deemed date of Allotment is September 29 this year.

And the amount received from the subscribers has been retained and allotted to them by the Bank on date.

UNI