Allahabad Bank raised 10 billion Indian rupees via an issuance of Basel III-compliant Tier 2 bonds.

The bonds were issued through a private placement and bear an annual interest rate of 8.15%, according to a Jan. 25 release.

The Tier 2 bonds are eligible for inclusion as Tier 2 capital of the bank.

As of Jan. 25, US$1 was equivalent to 68.08 Indian rupees.