India’s Syndicate Bank exercises call for Rs. 2.4 billion 9.9% bonds

By Susanna Moon

Chicago, Feb. 15 – Syndicate Bank notified the Bombay Stock Exchange of the redemption and interest due March 25 on its Rs. 2.4 billion 9.9% Basel 3 noncompliant perpetual bonds.

The record date has been set for Feb. 23 for paying principal and interest for the period from March 25, 2017 to March 24, according to the notice.

The issuer said it has exercised the call option, subject to approval by the exchange.

Syndicate said on Jan. 24 that it had set a board meeting for Feb. 2 to consider calling the bonds.

The banking and financial services company is based in Manipal, India.

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