23.1 C
Delhi
Wednesday, February 19, 2025

IDFC FIRST Bank raises Rs 1,500 cr Tier-2 bonds in domestic Indian Bond markets

Date:

Share post:

Donate-GC-Razorpay

Mumbai: IDFC FIRST Bank on Wednesday said that it has raised Rs 1,500 crore of Tier-2 bonds in domestic Indian Bond markets.

These privately placed Bond are issued as unsecured, subordinated, rated, listed, non-convertible, fully paid-up, taxable, redeemable Basel III compliant tier-2 Bonds (in nature of debentures) at a face value of Rs 1 crore each and were raised through private placement on the NSE E-bidding platform.

The Bonds carry a rating of CRISIL AA+/ Stable from CRISIL Ratings Limited and IND AA+/Stable by India Ratings & Research Private Limited. IDFC FIRST Bank Tier-2 bond ratings were recently upgraded (in June 2023) to CRISIL AA+/Stable from CRISIL AA/Positive by CRISIL Ratings Limited.

The participation for the issuance came from domestic Qualified Institutional Investors. The bidding on NSE e-bidding platform witnessed healthy interest from Corporates, Public Pension Funds, Provident funds and insurance companies, and the overall issue was oversubscribed.

The unsecured, Tier 2 Bonds were raised for a tenure of 10 years with a call option at the end of five years and carry a coupon of 8.40 per cent.

Including this capital raise, the capital adequacy of IDFC FIRST Bank, as computed on March 31, 2023 financials, would be 17.68%, and will provide greater headroom for growth of the Bank.

Related articles

Maha: Minister Rane lays foundation for new statue of Shivaji Maharaj in Sindhudurg

Kolhapur / Sindhudurg: Maharashtra and Guardian Minister of Sindhudurg district, Nitesh Rane, laid foundation for installation of a...

Meghalaya CM reiterates government commitment to improving healthcare services

Shillong: The Meghalaya government is committed to improving healthcare services, Chief Minister Conrad Sangma said on Wednesday.“Meghalaya spends...

Indian culture is unshakable and eternal: Manjhi

Prayagraj: Union Minister Jitan Ram Manjhi on Wednesday took a holy dip at Triveni Sangam, the confluence of...

If organising Kumbh with grandeur a crime, we will commit it again and again: Yogi

Lucknow: Uttar Pradesh Chief Minister Yogi Adityanath on Wednesday accused the main opposition party, Samajwadi Party (SP), of...