MUMBAI, March 27 (Reuters) - India's Federal Bank Ltd has set a coupon of 8.84% for Basel III complaint Tier
II bonds maturing in 10 years, three merchant bankers said on
Monday.
The private bank has accepted bids worth 10 billion rupees
($121.5 million) and had invited coupon and commitment bids from
bankers and investors earlier in the day, they said.
The notes are rated AA by Care Ratings and the issue will be
settled later this week.
The issue has call option at the end of five years.
($1 = 82.3400 Indian rupees)
(Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by
Varun H K)
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