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DCB Bank has raised ₹300 crore via the issue and allotment of tier-II bonds at a coupon rate of 9.35 per cent, the private sector lender said in a release.
The unsecured, subordinated, non-convertible, fully paid-up tier-II bonds have a face value of ₹1 crore each, and a tenure of 10 years, the release said, adding the bank may choose to exercise a call option post the completion of five years. The bonds are rated ‘AA-’ by CRISIL.
The bank will use the proceeds to support business growth and further improve its capital adequacy, it said.
Also read: RBI lets DSP Investment Managers to hike stake in DCB Bank to 9.99%
DCB Bank had 418 branches across India as of December 2022, and over 10 lakh active customers.
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