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Allahabad Bank closes perpetual bond sale

Allahabad Bank closed its sale of perpetual bonds earlier than scheduled after collecting extra bids,the bank said on Thursday.

Written by Reuters | Mumbai | Published: March 26, 2009 10:36:25 am

Allahabad Bank closed its sale of perpetual bonds earlier than scheduled after collecting extra bids,the bank said on Thursday.

The bonds carry a coupon rate of 9.20 per cent,payable annually,and have a call option at the end of the 10th year and every year thereafter. The bonds are rated ‘AA’ by CARE and Crisil.

The bank got 1.5 billion rupees of bids,compared with its target amount of 1 billion,the bank told the stock exchange.

The issue opened on March 19 and closed on March 25,earlier than the original scheduled closing of March 27.

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