Union bank, SBI & Allahabad bank to raise capital

By | January 18, 2010

According to a statement issued at the Bombay Stock Exchange, Union Bank of India has raised its authorised capital to Rs 3,000 crore from the existing Rs 1,500 crore. A resolution to this effect was passed in the meeting of the Board of Directors of the bank held on December 12.

On a similar front, State Bank Of India has concluded an issue of $100 million Senior Debt, Fixed Rate Bonds, at a coupon of 4.50 per cent (payable semi-annually) per annum under the Medium Term Note programme. The information was issued by the bank, in a notice to the stock exchange and stated, the bonds, which mature on October 23, 2014, will be issued as of December 18.

According to a statement issued by the Allahabad Bank, the lender has also raised capital worth Rs 500 crore through Upper Tier-II bonds and an Innovative Perpetual Debt of Rs 150 crore at a coupon rate of 8.58 per cent / annum and 9.08 per cent / annum.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.
Category: News

About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

Leave a Reply

Your email address will not be published. Required fields are marked *