India’s Karnataka may issue Rs. 1 billion tier 2 subordinated bonds

By Sarah Lizee

Olympia, Wash., Feb. 7 – Karnataka Bank Ltd. informed the Bombay Stock Exchange that it is considering raising funds by way of issuing Rs. 1 billion of unsecured redeemable nonconvertible Basel 3 compliant lower tier 2 subordinated bonds with a Rs. 3 billion over-allotment option.

The bonds would be issued on a private placement basis, according to the notice.

The bank said its board of directors had passed a resolution approving up to Rs. 8 billion of the bonds in one or more tranches. Karnataka raised Rs. 4 billion in the first tranche on Nov. 16, 2018.

Karnataka is a bank with headquarters in Mangalore, India.

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