Allahabad Bank raises Lower Tier II Capital of Rs.450 Crore

Allahabad Bank, one of the oldest joint stock Banks of the country celebrating 145th year of dedicated service to the nation, has raised Rs.450 crore of Subordinated Debt on 31st July,2009 at a coupon rate of 8.45% p.a. payable annually.

The bond issue was opened for subscription on 28th July,2009. As the issue was fully subscribed, it was closed on 31st July,2009. The said subordinated bonds were rated AA+ stable (pronounced as Double AA plus Stable) by CRISIL and AA+ ( pronounced as Double AA plus) by CARE. The bonds have the maturity period of 10 years.

The capital adequacy ratio of the Bank was 12.54% as on 30.06.2009. With the raising of the above-said bonds aggregating to Rs.450 crore, the capital adequacy ratio of the Bank will improve further.

Publicity Department,
Head Office
Date : 01.08.2009