Dena Bank plans Rs 1,100 cr bonds

Public sector lender Dena Bank is looking to raise Rs 1,100 crore in tranches by issuing bonds that would be compliant with global capital adequacy norms.
"The Bank has placed an agenda to board of directors seeking approval for raising of Basel III compliant Tier ll bonds up to an amount of Rs 1,100 crore in one or more tranche, in one or more instruments," it said in a regulatory filing.
Being implemented in phases since April 1, 2013, Indian banks are expected to fully comply with Basel III standards by March 2019 to improve and strengthen their capital planning processes.

The norms are being implemented to mitigate concerns on potential stresses on asset quality and consequential impact on performance and profitability of banks.
Dena Bank stock closed 1.07 per cent down at Rs 36.85 on BSE.