Syndicate Bank has raised funds to the tune of Rs 450 crore in the form of Unsecured, Non-Convertible (Basel III Compliant), Perpetual Debt Instruments in the nature of Debentures for inclusion in Additional Tier I Capital (Series V) at a coupon rate of 9.80% payable annually.
The issue opened on July 21, 2017 and closed on July 24, 2017. The date of allotment of bonds was done on July 25, 2017.
Separately, India Ratings has reaffirmed the rating of Additional Tier I bonds of Syndicate Bank at ‘AA’ and Tier II bonds at ‘AA+’ while revising the outlook from ‘Stable’ to ‘Negative’.
