Allahabad Bank issues Tier II Bonds series VI

Allahabad Bank has announced that the Bank's Tier II Bond series VI was opened on September 27, 2006 and closed on September 29, 2006. The salient features of the issue are as under:-

1. Issue Size: Rs 600.00 Crores (Including Green Shoe option for Rs 300.00 Crore)
2. Instrument: Unsecured, Redeemable, Non-convertible, Taxable Subordinated Bonds in the nature of Promissory Notes
3. Credit Rating: CARE AA+ by CARE & "AA / Stable" by CRISIL
4. Face Value: Rs 10,00,000 per Bond
5. Issue Price: Rs 10,00,000 per Bond
6. Minimum Application: 1
7. Tenure: 120 months
8. Redemption: At par at the end of 120 months from the Deemed date of Allotment
9. Coupon Rate: 8.85% p.a.
10. Interest Payment: Annually
11. Deemed date of Allotment: September 29, 2006

In this context, the Bank has received subscription from 37 investors to the tune of Rs. 561.90 crores and the amount received from the subscribers has been retained and allotted to them by the Bank on date.

Source : Equity Bulls

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