March 20, 2012 / 5:32 AM / 5 years ago

NEW ISSUE-India's SBBJ raises 5 bln rupees via lower tier II bonds

MUMBAI, March 20 (Reuters) - State Bank of Bikaner And Jaipur raised 5 billion rupees ($99.53 million) via lower tier-II bonds at 9.02 percent, a source with direct knowledge of the deal said on Tuesday.

The issue is rated AAA by Crisil, the source said.

The bonds have been placed with the country's largest life insurer, the state-run Life Insurance Corp of India (LIC), said the source. ($1 = 50.2350 Indian rupees) (Reporting by Archana Narayanan; Editing by Subhadip Sircar)

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