India’s Dena Bank issues additional Rs. 10 billion tier I debentures

By Tanya Meyer

Chicago, Jan. 29 – Dena Bank approved the issuance of an additional Rs. 10 billion in unsecured, subordinated, perpetual, Basel III compliant, tier I series IV non-convertible debentures, according to a filing with the Bombay Stock Exchange.

The debentures will be issued at a face value of Rs. 1 million each at par.

The bank previously announced plans in a Dec. 3 letter to raise up to Rs. 15 billion in one or more tranches and instruments with the approval of its board, according to a news release.

Dena Bank is a Mumbai, India-based government-owned provider of car, home and online loans, as well as internet and mobile banking services.

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