SVC Bank launches Long-term Subordinated Bonds – Series 2

Hyderabad: SVC Co-operative Bank Ltd. (SVC Bank – formerly known as The Shamrao Vithal Co-operative Bank Ltd.) has announced the launch of its Long-term Subordinated Bonds (LTSB) - Series 2.

The issue is open for public subscription and the last day for subscribing to the bonds is May 15, 2024. SVC Bank will raise Rs 100 crore from the bond issuance with its very competitive interest rate of 8.50% per annum to investors.

SVC Bank’s Managing Director, Ravinder Singh, said, "SVC Bank is offering its bonds to investors on a coupon rate, which is very competitive. This is one of the best interest rates being offered in the banking industry today, especially by a legacy brand that is rich in both its financial strength and brand value. We are confident that the issue will receive a good response from investors given the attractive interest rate and SVC brand value. With equity markets turning volatile, our LTSB issue offers a good opportunity to the investors to diversify their portfolio,” according to a bank release.