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Money & Banking - Rights Issue


Centurion Bank rights `fully subscribed'

Our Bureau

Mumbai , Sept. 23

CENTURION Bank today said that its rights issue totalling Rs 90.80 crore was fully subscribed. The issue closed on September 22.

After the Tier I capital raised through the rights issue, the bank is planning a Tier II subordinated bond issue during this fiscal. The bonds would be issued on a need basis amounting to around 50 crore, said Mr Shailendra Bhandari, Managing Director. He added that the issue could be done in two tranches of Rs 25 crore each.

The bank had equity capital infusion of Rs 154 crore in February this year by a group of investors including Bank Muscat, Keppel Corporation, Sabre Capital and ADB. Mr Bhandari said the capital adequacy ratio of the bank would now be comfortably above the statutory requirement of 9 per cent. He said the actual figure would be available after the quarter end results are announced based on actual asset level till September 30 this year.

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