India's Dena Bank plans to issue Rs. 6.75 billion of tier I and tier II capital

By Reshmi Basu

New York, July 24 - Mumbai, India-based Dena Bank said it received approval from its board of directors to raise up to Rs. 6.75 billion of tier I and tier II capital.

The bank said it may issue Rs. 1.25 billion of innovative perpetual debt or tier I debt instruments and up to Rs. 3 billion of upper tier II debt instruments.

Additionally, the issuer may sell unsecured, non-convertible, redeemable subordinated tier bonds of up to Rs. 2.5 billion.

A timeline for the issue was not given.

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