Private sector lender IndusInd Bank today announced about raising Rs 420 crore, including a greenshoe option, through Tier-II bonds on March 30. The bonds were placed with institutional investors. The bonds were assigned "AA-" rating by CARE Ratings, indicating high safety for timely servicing of debt obligation and low credit risk. The bank has already obtained an in-principle approval from the National Stock Exchange for the listing of these securities.
The bonds have a face value of Rs 10 lakh each and carry an interest coupon of 9.50 per cent per annum. The bonds will be due for redemption after 63 months.
“We have enough room to raise Tier-II capital since our Tier-I capital is about 8 per cent. The capital will help us supplement our business growth,” said a senior executive of IndusInd Bank.
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