IDBI Bank to raise USD 500 mn via bonds

State-owned IDBI Bank today said it plans to raise up to USD 500 million through Tier I bonds.
The board has approved issuance of Basel III compliant Additional Tier 1 (AT 1) bonds in offshore markets upto USD 500 million to enhance Tier 1 capital of the bank, IDBI Bank said in a statement.
AT-1 bonds, which qualify as core or equity capital, are one of the means of raising capital by public sector banks that require Rs 1.80 lakh crore by March 2019 to meet global norms on capital adequacy (Basel III).