Kerala-based lender, Dhanalakshmi Bank has raised Rs 150-crore Tier-II capital through the issue of unsecured redeemable subordinated non-convertible bonds.
The lender plans to raise an additional Rs 200-crore Tier-II capital in the near future to fuel its business expansion plans, it said in a release here today.
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The bonds, which has been issued to high networth non-resident Indians, carry a coupon rate of 10.30 per cent annually and has tenure of 5-years and seven months.
"The new capital will help us capture these opportunities thereby acting as a catalyst for the growth plan of the bank," Dhanalakshmi Bank, Chief Financial Officer, Bipin Kabra said.
The bonds are proposed to be listed at the National Stock Exchange.
Presently, Dhanalakshmi Bank has 207 branches and 78 ATMs across the country. It plans to add 66 branches and 380 ATMs by end-2009.
The lender has total networth of Rs 400-crore, total deposits of Rs 4,969-crore and an advance-base of Rs 3,245-crore.
