Dena Bank to raise Basel III Compliant Tier II Bonds up to Rs 1100 crore

State-owned Dena Bank on Friday informed, that it has received board of directors approval for raising of  Basel III Compliant Tier II Bonds upto an amount of Rs 1,100 crore. 

"The bonds will be raised in one or more tranceh, in one or more instruments, "said the bank.  

Recently, the bank has issued and allotted 4,000 unsecured, subordinated, non-convertible Basel III Compliant Tier II Bonds in the nature of debentures at face value of Rs 10 lakh each at par aggregating to Rs 400 crore on private placement basis. 

Care Ratings have rated these bonds with 'CARE AA-' pronounced as CARE AA minus. 

Shares of Dena Bank on Friday, closed at Rs 37.70, down by 2%.