MUMBAI:
IDBI Bank Limited raised capital funds of Rs.745 crore through issue of Basel III compliant Tier 2 bonds.
The issue was open for bidding in Electronic Bidding Platform of BSE on January 31, 2020 and allotment to successful bidders closed on February 3, 2020. The issue was competitively priced at a coupon of 9.50% p.a. payable annually. The issued bonds have maturity of 10 years with call option after the instrument has run for 5 years and every year thereafter. The amount mobilised would be counted as part of Tier 2 capital and enhance the capital adequacy of the Bank. The bonds are rated A+ with Stable outlook by CRISIL and CARE Rating.
