Syndicate Bank issues Rs 500-crore Basel-3 compliant bonds

Public sector Syndicate Bank on Saturday said it has issued unsecured, non-convertible Basel-III compliant bonds to raise Rs 500 crore.

"The bank has issued bonds in the form of unsecured, non-convertible (Basel-III compliant) perpetual debt instruments in the nature of debentures for inclusion in additional tier-I capital," it said in a BSE filing.

About the size of the additional tier-I issue, the bank said it has Rs 250 crore with a green shoe option of Rs 250 crore, with limit the issue size to Rs 500 crore. The bonds with a face value of Rs 10 lakh each, carries a coupon rate of 11.25 per annum. Syndicate Bank shares were closed 5.24% higher at Rs 71.25 apiece on BSE on last trading day on Friday.