State-run IDBI Bank has raised Rs 2,500 crore by selling perpetual bonds at 10.75% annual coupon rate. This is the second such issue in the country after Bank of India’s, which is compliant with Basel III capital adequacy norms, an international regulatory framework for banks.
Tier I perpetual bonds issues help strengthen the issuing bank's capital base. The issue has a call option after the instrument has run for 10 years. It received an overwhelming response and has been fully subscribed prior to the closure date.
The core issue size was at Rs 1,500 crore with an option to retain over-subscription up to Rs 1,000 crore. The issue opened on September 29 this year. The bonds are rated AA- by CRISIL and India Rating.
IDBI Bank is new generation public sector universal bank that rides on a cutting edge Core Banking Information Technology platform. This enables the Bank to offer personalized banking and financial solutions to its clients through its 1,217 branches and 2,101 ATMs.
| Company Name | CMP |
|---|---|
| HDFC Bank | 799.90 |
| ICICI Bank | 1347.50 |
| Axis Bank | 1359.15 |
| Kotak Mahindra Bank | 383.50 |
| Indusind Bank | 853.15 |
| View more.. | |
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