Mangalore-headquartered public sector lender Corporation Bank is proposing to raise Rs 400 crore by issuing lower Tier-II bonds on private placement basis with greenshoe option of Rs 100 crore. The bonds will be in the form unsecured redeemable non-convertible subordinated in the nature of promissory notes.
The minimum application size is one bond and in multiples of one bond and are priced at Rs 10 lakh. The bonds will be available for redemption at the end of 10 years and two months and carry a fixed interest rate of 8.85 per cent per annum. The bonds will be listed on the National Stock Exchange WDM segment.
The bond issue, which opened today will close by end of the day. The bonds are rated CARE AAA by CARE and AAA/negative by CRISIL, the bank informed the BSE today.
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