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The Hindu
The Hindu
National
Special Correspondent

SIB raises ₹500 crore via Basel III compliant bonds

The South Indian Bank (SIB) has raised ₹500 crore by issuing Basel III compliant AT 1 bonds.

The bank issued 50,000 13.75% non-convertible, fully paid-up, unsecured, perpetual, Basel III compliant Tier 1 bonds in the nature of debentures with an issue size of ₹500 crore, it said in a regulatory filing.

The issue, which opened on January 22, was fully subscribed, including the green shoe option, and was closed on the same day.

The objects of the issue are augmenting Tier 1 capital, under Basel III capital regulations as laid out by the Reserve bank of India (RBI) and overall capital of the bank for strengthening its capital adequacy and for enhancing its long-term resources.

The capital adequacy position of the South Indian Bank under Basel III norms was 12.02% as on December 31, 2019.

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