New Delhi: Allahabad Bank has raised Rs 500 crore through private placement of bonds that are compliant with Basel III capital adequacy norms.
"Allahabad Bank has informed BSE that the Bank has successfully raised BASEL III compliant Tier 2 Bonds aggregating to Rs 500 crore through private placement," the state-owned bank said in a filing to the BSE.
However, the lender did not elaborate where the proceeds would be used.
In November, the bank had said the bonds worth Rs 500 crore would be raised in 2014-15 either in one or more tranches.
Shares in Allahabad Bank, on Friday, ended at Rs 127.75 apiece on the BSE, down 1.77 per cent from the previous close.
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