Dena Bank mops up R850 crore

Written by Press Trust of India | New Delhi | Updated: Jun 30 2012, 06:33am hrs
State-owned Dena Bank on Friday said it has raised R850 crore from bonds to fund business growth. The fund raised on private placement basis for an amount of R500 crore and green shoe option to retain R350 crore, Dena Bank said in a BSE filing.

The bank has raised lower Tier-II bonds to augment long term resources and to meet its future capital adequacy ratio requirements, it said.

The bonds are carrying a coupon of 9.23% per annum payable annually and are redeemable after 15 years from the deemed date of allotment with call option at the end of 15 years, it said.

The issue was fully subscribed aggregating to R850 crore, it added.