Wednesday, 18 January 2017

Vijaya Bank raises Rs 325 cr via bonds

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Vijaya Bank raised Rs 325 crore through private placement of bonds to fund business growth, "The bank has raised Basel III complaint Additional Tier I bonds of Rs 325 crore through private placement at coupon rate of 10.49 per cent," Vijaya Bank said in a regulatory filing to stock exchanges. Under the Basel-III norms, AT-1 bonds come with loss absorbency features, meaning that in case of stress, banks can write off such investments or convert them into common equity if approved by the RBI. AT-1 bonds, which qualify as core or equity capital, are one of the means of raising capital by banks.

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