Allahabad Bank raises Rs.561 crore

The Bank has raised Rs.561.90 crore through private placement of redeemable subordinated debt instrument or lower tier-II bonds to strengthen its capital base. While the face value of each bond was Rs.10 lakh, they had a coupon rate of 8.85 % per anum payable for a tenure of 120 months. The bank's capital adequacy ratio is already at 12.24%.