Corporation Bank is planning to raise up to Rs 1,000 crore by issuing Basel III compliant bonds on a private placement basis. The bank is issuing Basel III compliant tier-2 bonds 2019-20 series of Rs 500 crore with green shoe option up to Rs 500 crore on private placement basis. The tenor of the bonds, to be issued on November 8, 2019, is 10 years.
Moreover, the no issuer call option is available with the bond issue and the interest payment on the bond will be on annual basis and shall not be cumulative.
Corporation Bank is a Mangalore-based mid-sized public sector bank which was established in 1906.
