DCB Bank announces allotment of Tier II Bonds on private placement basis

DCB Bank Limited today announced the successful issue and allotment of 9.35% Unsecured, Subordinated, Non-Convertible, Fully Paid-Up, Taxable, Redeemable, Basel III Compliant Tier II Bonds of face value of Rs.1,00,00,000/- (Rupees One Crore Only) each, on a private placement basis, aggregating to Rs. 300 Crore. The Bonds shall be redeemed in accordance with the terms of issue on its original maturity of 10 years, however, a Call Option may be exercised at the sole discretion of the Bank on or after the fifth anniversary from the Deemed Date of Allotment or any coupon payment date thereafter with prior approval of RBI, subject to Tax Call/ Regulatory Call.

The schedule of payment of coupon/interest is semi-annually and the Bonds will be listed on NSE and BSE.

This issuance will support the business growth and also further improve the Capital Adequacy of the Bank. The Bonds raised has a credit rating of AA-/Stable from CRISIL Limited.

Shares of DCB Bank Limited was last trading in BSE at Rs. 105.75 as compared to the previous close of Rs. 103.25. The total number of shares traded during the day was 150511 in over 1785 trades.

The stock hit an intraday high of Rs. 106.50 and intraday low of 99.50. The net turnover during the day was Rs. 15470422.00.

Source : Equity Bulls

Keywords

DCBBank INE503A01015 FundRaising Basel3Compliant Tier2Bonds