IDFC FIRST Bank has raised Rs 1,500 crore through private placement of Unsecured, Subordinated, Rated, Listed, Non-Convertible, Fully Paid-Up, Taxable, Redeemable Basel III Compliant Tier 2 Bonds (in the nature of Debentures) for a face value of Rs 1 Crore each.
The Bonds will be redeemed in accordance with the terms of issue on its original maturity of 10 years, however, a Call Option may be exercised at the sole discretion of the Bank after completion of 5 years from the date of allotment and yearly thereafter, and subject to fulfilment of extant regulatory provisions. The subscription participation came from marquee domestic investors including Life Insurance Corporation of India which subscribed to more than 60% of the issue size. On this occasion, Sudhanshu Jain, CFO and Head – Corporate Center, said, “We are delighted as this is the maiden Tier-2 issuance of bonds by the Bank since its inception”.