IDBI Bank raises Rs 900 crore through Basel-III compliant bonds

In order to strengthen its capital adequacy, IDBI Bank has raised Rs 900 crore by way of issuing Basel-III compliant tier-II bonds on private placement basis. The instrument--IDBI Omni Tier-II 2015-16 series-II--carries a coupon rate of 8.62% per annum. The bond maturity date is January 2, 2026.

IDBI Bank is the youngest, new generation public sector universal bank that rides on a cutting edge Core Banking platform with strong service orientation. The bank reported 0.85% rise in its net profit at Rs 119.5 crore for the quarter ended September 30, 2015 as compared to Rs 118.49 crore for the same quarter in the previous year.