Allahabad Bank raises unsecured subordinated Tier-II bonds of RS. 400 Crore

Allahabad Bank, one of the oldest joint stock Banks of the country celebrating 144 years of dedicated service to the nation, today closed the issue of Tier-II Subordinated Bonds (Series-VIII) of Rs.400 crore. The Bonds were raised for augmenting Tier-II capital for strengthening the capital adequacy and enhancing long term resources of the Bank. The bonds are Unsecured, Redeemable, Non-convertible, Subordinated 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 redeemable at the end of the 10th year (Subject to approval of RBI). The Bonds bear a Coupon Rate of 9.23% p.a. payable annually on March 26 every year and on final maturity.

The issue is fully subscribed on date and closed.

Publicity Department,
Head Office
Date : 20.03.2009