Dena Bank takes in Rs. 8.5 billion through tier II bond sale

By Toni Weeks

San Diego, June 29 - Dena Bank informed the Bombay Stock Exchange that it raised Rs. 8.5 billion by issuing lower tier II bonds (series XI) in the form of promissory notes in a private placement between June 18 and June 22. Of the amount, Rs. 3.5 billion was part of an over-allotment option.

The bonds have a coupon of 9.23% and are redeemable after 15 years. The notes are callable after 10 years.

The Mumbai, India-based bank said that the issue was fully subscribed.

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