Allahabad Bank issues tier-II Bonds

Allahabad Bank, one of the oldest joint stock Banks of the country celebrating 144th years of dedicated service to the nation, today issued Upper Tier-II Bonds (Debt Capital Instruments-Series-I) of Rs.500 crore to raise its capital base. The bonds are Unsecured, Redeemable, Non-convertible and Promissory Notes in nature. The Bonds are issued at a price of Rs.10,00,000/- per Bond payable at par. The Bonds are having a tenure of 15 years with Call Option (Subject to approval of RBI) at the end of the 10th year. The Bonds bear a Coupon Rate of 9.28% p.a. with the step-up Option of 50 bps after 10 years (if the Call Option is not exercised).

The issue is open and fully subscribed on the date of issue itself. The Bank has allotted the Bonds to the applicant(s) on date.

Publicity Department,
Head Office
Date: 19.03.2009