Central Bank of India to raise min 2 bln rupees via perp bonds
MUMBAI, Sept 26
MUMBAI, Sept 26 (Reuters) - The Central Bank of India is planning to borrow at least 2 billion rupees ($37.41 million) via perpetual bond at 9.40 percent coupon, two sources with knowledge of the deal said on Wednesday.
Darashaw & Company, A.K.Capital, SBI Capital and Trust Capital are some of the arrangers to the deal, they said.
The bank is planning to raise funds through perpetual bonds as they are considered quasi-equity, giving much-needed support to its tier 1 capital ratio, the sources said.
The perpetual bond has a call option at the end of the 10th year.
The issue is rated AA+ by Crisil and AA by Brickworks. ($1 = 53.4550 Indian rupees) (Reporting by Archana Narayanan; Editing by Jijo Jacob)