Mumbai, Dec. 4 -- After writing off the entire equity capital of Lakshmi Vilas Bank following its amalgamation with DBS Bank India, Reserve Bank of India has asked the ailing private sector lender to write off tier -2 bonds worth '318 crore from its books.
In a notification to the stock exchange, the bank said that it had issued 3 tranches of unsecured non-convertible redeemable fully paid-up Basel-III compliant Tier-2 bonds which are due for redemption between 2024 and 2025.
"The Reserve Bank of India, vide their letter dated 26th November 2020 has advised the need to fully write-down the Series VIII, Series IX and Series X Basel-III complaint Tier-2 Bonds before the amalgamation comes into effect from the Appointed date i.e., 27th Novem...