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Thursday, Jun 16, 2005

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Syndicate Bank raises Rs 500 cr through bonds

Our Bureau

Bangalore , June 15

THE public sector Syndicate Bank mopped up Rs 500 crore through issue of unsecured redeemable, non-convertible taxable bonds.

The issue was priced at 7.40 per cent and has a tenure of 10 years.

The bonds have no call or put options. This pricing makes it about five basis points finer than the sovereign guaranteed state development loans placed by the RBI on Tuesday.

The private placement of the non-convertible bonds of face value of Rs10 lakh each was originally for Rs 300 crore with a green shoe option of Rs 200 crore, which aggregated to Rs 500 crore.

A bank release said that the resources raised through the issue would comprise the bank's tier two capital and would further strengthen its capital adequacy ratio. As on March end 2005, the bank had a capital to risk weighted asset ratio of 10.70 per cent.

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