South Indian Bank raises ~490 crore via bonds

The South Indian Bank on Tuesday said it had raised ~490 crore by issuance of nonconvertible, redeemable and unsecured bonds. The Capital Planning and Infusion Committee of the board by a resolution passed today has allotted 49,000 nonconvertible, redeemable, unsecured, basel III compliant tier 2 bonds, for inclusion in tier 2 capital of the bank in the nature of debentures of the face value of ~1,00,000 each at par aggregating ~490 crore in dematerialised form. The bonds will carry interest at the rate of 9.50 per cent per annum payable half yearly for a period of 126 months, South Indian Bank said in a BSE filing on Tuesday. PTI<