IDBI Bank raises capital worth Rs 745 cr via tier-II bonds after 2 years

Private sector lender IDBI Bank has raised capital worth Rs 745 crore through tier II bonds to enhance capital adequacy and support business growth. It raised debt capital from market after gap of two years.

Bank officials said the money raised through tier II bond offering is expected to increase Capital Adequacy Ratio (CAR) by about 50 basis points. The CAR stood at 11.98 per cent at end of September 2019.

The issue was competitively priced at a coupon of 9.50 per cent p.a. payable annually. The issue opened for bidding in electronic bidding platform of BSE on January 31,