Kolkata, (IANS) : Public sector lender Allahabad Bank on Friday said it has raised Rs 1,000 crore in tier-two bonds through private placement.

“Allahabad Bank has raised on Wednesday, Basel III compliant Tier 2 Bonds aggregating Rs 1,000 crore through private placement at an annual coupon of 8.15 per cent per annum,” the lender said in a statement.

These bonds are eligible for inclusion in tier two capital of the bank, it said.

The lender had planned to raise up to Rs 500 crore by issuing equity shares by way of qualified institutions placement (QIP) in one or more tranches.