Centurion Bank rights issue fully subscribed

Mumbai: Centurion Bank yesterday announced that its rights issue totalling Rs90.80 crore was fully subscribed. The issue closed on September 22.

Having raised Tier I capital 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. This was disclosed by Shailendra Bhandari, managing director, who disclosed that the issue could be in two tranches of Rs25 crore each.

The bank had equity capital infusion of Rs154 crore in February this year by a group of investors including Bank Muscat, Keppel Corporation, Sabre Capital and ADB. Bhandari said the capital adequacy ratio of the bank would now be comfortably above the statutory requirement of 9 per cent.