Allahabad Bank has raised Tier 2 Capital Fund through private placement of Basel III compliant Tier 2 Bonds aggregating to Rs 1500 crore at a coupon of 9.53% p.a. payable annually. The said Tier 2 Bonds Series IV has a tenor of 10 years with call option after five years.
Allahabad Bank is a nationalized bank with its headquarters in Kolkata. It is the oldest joint stock bank in India.