Allahabad Bank raises Rs 500 crore via bonds

New Delhi: State-owned Allahabad Bank has raised Rs 500 crore through private placement of bonds that are compliant with global capital adequacy norms, Basel III.

"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 bank said in a filing to the BSE.

However, the bank 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.

Allahabad Bank scrips closed 1.77 percent lower at Rs 127.75 per share on the BSE today.