Corporation Bank has invited bids for its proposal to issue unsecured non-convertible (Basel-III compliant) additional tier-1 perpetual bonds in the nature of debentures.
The bank has proposed to mobilise Rs 500 crore with a Green Shoe option to retain over-subscription up to Rs 500 crore, aggregating to Rs 1,000 crore through issue of unsecured, non-convertible (Basel-III compliant) additional tier-I perpetual bonds 2014-15 (Series I) on private placement basis.
The bond issue has been rated as ‘AA-/Stable’ by CRISIL, and ‘AA-/Stable’ by India Ratings and Research.
Corporation Bank is a Mangalore-based mid-sized public sector bank which was established in 1906. Government of India is the majority shareholder holding 59.82% stake in the bank.
