India's Dena Bank raises Rs. 1.25 billion from issue of tier I bonds

By Jennifer Chiou

New York, Dec. 24 - Dena Bank informed the Bombay Stock Exchange that it raised Rs. 1.25 billion through an issue of hybrid tier I perpetual bonds.

The issue amount includes a greenshoe for Rs. 250 million of bonds.

The Mumbai, India-based bank said that the perpetual bonds have a coupon of 10.05% per year and have a call option exercisable at the end of the 10th year after settlement.

If the call option is not exercised, the coupon will step up by 50 basis points.

The bank announced plans for the issue on July 24, 2006.

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