Dena Bank to raise Rs 225cr via bonds

Dena Bank is to issue unsecured, non convertible, redeemable subordinated bonds (tier II bonds series VIII) with a face value of Rs 10 lakh each for cash aggregating Rs 125 crore.

According to a release issued by Dena Bank to the BSE, the bank has an option to retain oversubscription of up to Rs 100 crore.

The issue will open on March 29, 2005 and close on March 31, 2005. The tenor of the bonds will be for 109 months at a coupon rate of 7.30% and rating is 'A+' by CARE, the release added.