India New Issue-J&K Bank sets 9.75% coupon for Tier-II bonds - traders

Jammu And Kashmir Bank

28/12/2022 09:34

MUMBAI, Dec 28 (Reuters) - India's Jammu and Kashmir
Bank  JKBK.NS  has set a 9.75% coupon for its Basel
III-compliant, Tier-II bonds maturing in 10 years, three
merchant bankers said on Wednesday.
    The lender had invited bids from merchant bankers and
investors for the issue earlier in the day, and has accepted
bids worth 10.21 billion rupees ($123.2 million), they said. 
    The bonds, rated A+ by India Ratings and CARE, will close
for subscription on Friday.
    The issue has a call option at end of five years. 
($1 = 82.8800 Indian rupees)
 (Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by
Savio D'Souza)
 ((Dharamraj.dhutia@tr.com))