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State Bank of Travancore issues 3B rupees of bonds

State Bank of Travancore said it issued Basel III-compliant unsecured Additional Tier 1 perpetual bonds worth 3 billion Indian rupees through a private placement.

The nonconvertible subordinated bonds bear an annual coupon rate of 9%.

As of March 30, 2016, US$1 was equivalent to 64.86 Indian rupees.