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IDBI Bank Raises Rs 1,900 Crore via Bonds

IDBI Bank on Monday said it has raised Rs 1,900 crore through two separate Basel-III complaint tier-II bonds on a private placement basis.
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IDBI Bank Raises Rs 1,900 Crore via Bonds
Mumbai: IDBI Bank on Monday said it has raised Rs 1,900 crore through two separate Basel-III complaint tier-II bonds on a private placement basis.

The funds would help the public sector lender to augment its capital adequacy ratio by about 55 basis points, a statement issued here said.

The first issue of Rs 1,000 crore that concluded on December 31 was for a tenor of 15 years with call option at the end of 10 years.

The second issue of Rs 900 crore concluded on January 2, with a tenor of 10 years.

Both the issues carry a coupon of 8.62 per cent per annum payable annually, the bank said.

In December, State Bank of India (SBI), the country's largest lender, had raised Rs 4,000 crore by issuing tier-II bonds on a private placement basis under the Basel-III norms.

Last week, another state-run lender Bank of India raised Rs 3,000 crore by issuing Basel-III compliant tier-II bonds.

Others lenders like Yes Bank, Canara Bank have also raised Rs 1,500 crore each by issuing Basel-III compliant tier-II bonds.

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