AK Capital raises Rs 200 crore Tier-II Bonds for Federal Bank

AK Capital Services Ltd has announced that the Company has successfully raised Rs 200 crore Unsecured Redeemable Non-Convertible Subordinated Tier-II Bonds for The Federal Bank Ltd through private placement route. The 10 Year Subordinated Bonds rated "CARE AA" by CARE and "A+(ind)" by FITCH have been raised at a competitive coupon rate of 9.25% p.a., payable semi-annually. The issue was successfully syndicated by the Company as Lead Arranger well within the specified time schedule despite volatile market conditions due to announcement of hike in CRR by RBI on December 08, 2006 by 50 basis points.

Source : Equity Bulls

Keywords