Published on 18/03/2017 11:55:09 AM | Source: IANS

Allahabad Bank raises Rs 300 cr AT-1 capital

 State-run lender Allahabad Bank on Friday said it has raised Rs 300 crore additional tier-one capital through private placement at an annual coupon rate of 11.15 per cent.

The bank had earlier informed that its board approved raising of additional tier-one capital aggregating Rs 1,000 crore through private placement.

"...the bank has on date successfully raised Additional Tier 1 (AT-1) capital of bank through private placement of AT-1 perpetual bonds aggregating up to Rs 300 crore at an annual coupon of 11.15 per cent," the lender said in a filing on Friday.

In January, the lender had raised Rs 1,000 crore capital of Basel III-compliant Tier-2 Bonds through private placement at an annual coupon of 8.15 per cent.