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India's Bank of Rajasthan sells Rs. 720 million of subordinated bonds
By Reshmi Basu
New York, Dec. 3 - Bank of Rajasthan Ltd. said it issued two tranches of subordinated bonds totaling Rs. 720 million.
Tranche A is made up of Rs. 360 million of 7½% unsecured redeemable tier II bonds (series III, option-I). The bonds will mature on Nov. 15, 2011.
Tranche B is comprised of Rs. 360 million of 7¾% unsecured redeemable tier II bonds (series III, option-II). Those bonds will mature on July 15, 2014.
The funds will boost the bank's tier II capital.
Bank of Rajasthan, based in Jaipur, is a private sector bank.
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