Corporation Bank to raise Rs 700 cr

Mangalore-based public sector Corporation Bank proposes to raise Rs 700 crore by issuing upper tier-2 bonds (series (1)(2) on private
placement basis.

The bonds carry a tenor of 15 years. The bonds carry a coupon rate of 9.15 per cent per annum for 10 years and step up coupon rate of 9.65 per cent per annum for the last five years if call exercise is not exercised by the bank at the end of 10 years.

The bonds will be listed NSE WDM segment.