Dena Bank raises Rs 106cr through tier-II bonds

Mumbai, Mar 23: Dena Bank today announced it has raised Rs 106 crore capital fund through lower tier II bonds. The Bank informed BSE that it has raised the funds to augment long-term resources of the Bank and to meet its future capital adequacy ratio requirements in the nature of debentures on private placement basis for an amount of Rs 100 crore plus Green Shoe option.

''The bonds are carrying a coupon of 9.25 per cent per annum payable annually and are redeemable after 12 months from the deemed date of allotment,'' the Bank said. The issue was over subscribed by Rs 6 crore aggregating to Rs 106 crore. The Bank excised the Green Shoe option and retained the over subscribed amount, it added.

UNI