Allahabad Bank has raised Rs 100 crore Basel III compliant additional Tier-I capital through private placement of bonds. The bondholders will get a coupon rate of 11.85 percent per annum.
The bank's board gave its approval to raise up to Rs 2,000 crore in tranches during 2017-18 that will go into its additional Tier-I capital.
Allahabad Bank is a nationalised bank with its headquarters in Kolkata. It is the oldest joint stock bank in India.