Karur Vysya Bank Ltd. raised 4.87 billion Indian rupees through the issuance of Tier 2 bonds on a private placement basis.

The bonds carry an annual interest rate of 11.95% and will mature June 12, 2029, according to a March 13 stock exchange filing.

The bonds will be listed on NSE Ltd.

As of March 13, US$1 was equivalent to 69.53 Indian rupees.