India's Dena Bank has informed that it has raised Rs 300 by selling lower tier II bonds to meet its future capital adequacy ratio requirements.

The bonds would pay an annual coupon of 11.20% and would be redeemable after 127 months, from the deemed date of allotment.

In a separate release, Karnataka Bank has notified that it has raised Rs 200 crore by selling unsecured non-convertible lower tier-II bonds. The bonds were sold via private placement and have a tenor of 10 years.

Karvy Stock Broking has recommended a buy rating on Dena Bank with a target of Rs 58 in its October 1, 2008 research report. However, in such volatile market, investors should not forget to keep a strict stoploss of Rs 37, on closing price, to protect their profits.

The scrip closed today at Rs 40.75 on BSE, down 1% to its previous. The company made its 52-week low on 2nd July 2008 at Rs 36.25.