NDB goes for Rs. 8 b debenture issue

The National Development Bank (NDB) is to raise Rs. 8 billion via a listed debenture issue. 

The bank’s Board has resolved to issue 60 million BASEL III compliant Tier 2, listed, rated, unsecured, subordinated, redeemable debentures with a Non-Viability Conversion, at Rs. 100 each with an option to issue a further 20 million debentures in the event of an oversubscription of the initial amount. 

The issue is subject to regulatory and shareholder approvals.