Public sector Corporation Bank has proposed to issue upper Tier-II bonds for Rs 500 crore on private placement basis.
The bank plans to raise the amount through issue of unsecured redeemable non-convertible subordinated upper Tier-II bonds in the nature of promissory notes with a tenor of 15 years. The issue opens and closes on May 28, 2009.
Corporation Bank had plans to raise Tier-II capital of about Rs 1,500-2,000 crore during the current fiscal, bank’s Executive Chairman Asit Pal said earlier. Of this, the bank had already raised Rs 1,000 crore in two tranches during April this year.
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