Syndicate Bank raises Rs 870 cr via bonds

Syndicate Bank on Thursday said it had raised Rs 870 crore from Tier-I bonds to meet Basel-III norms. The fund has been raised from unsecured perpetually fully paid-up non-convertible Basel-III-compliant additional Tier-I bonds 2015-16, Syndicate Bank stated. The bond carries a coupon rate of 11.25 per cent a year payable annually, it said. The bank has also raised Rs 217 crore by allotting preferential shares to LIC to shore up capital.